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The LIMA Plan

One of the most talked about fantasy draft strategies is the LIMA plan developed by Ron Shandler.  What I have always found frustrating about it was not how it was done but what L-I-M-A meant.  It is Low Investment Mound Aces.  

The strategy basically involves punting pitching at the draft.  Not that there aren't technical sabremetrical stats that are used to select what kind of pitcher one targets.

With the strategy, a fantasy owner sets aside just $60 for his pitching and leaves the other $200 for hitting.  With that $60, you are supposed to get one closer and a mid-level Chris Capuano-esque starting pitcher.  The remaining pitching slots are filled with the $1 fillers of middle relief i.e George Sherrill or Shandler fav Rafael Betancourt.

Those middle relievers should meet certain control, strikeout and homerun criteria.  Specifically, a K:BB ratio of 2.0 or more, K:9 greater than 5.6 and less than a HR every nine innings.

I have one major criticism of the strategy.  It is so well-known that it can no longer be executed.  Show me a league with just one owner who does it.  With two (or more) teams trying to execute it, the prices of the targeted pitchers will exceed the pitching allottment!  (Think arbitrage.)

From personal experience, I watched the top middle relievers in both my AL-only and NL-only leagues go for $5-$9 at the draft.

Am I the only one who believes this strategy has been arbitraged away?