Sorry for the long post, but this topic really interests me. I apologize for my nerdiness.
It is difficult to compare real life to the sim because in real life, we typically need to see a players stats before we evaluate how good a player is. Whereas in the game, most of us evaluate players by ratings.
Nonetheless, lets compare coin flips to at bats.
In real life, flip a coin 600 times (to simulate 600 at bats). Do this for each of the 800 (32 teams *25 players) players in majors in HBD. Chances are, for a nice sum of players, a nice sum of the coins will land on heads much more often than tails and vice versa.
However, if you flip a coin 600 times for each of the 800 players over a ten season period [STILL IN REAL LIFE], there will STILL BE SOME, but much less that are still having the same good/bad luck over that ten season period.
Yet, in the game (HBD). I HAVE NEVER seen a player sustain this kind of good/bad luck over a long period of time. Have you? Have you seen a AAAA guy that has been in the majors with sustained (i.e. 8+ years) success? Or have you seen a player with great ratings that consistently does not perform to ratings for 8+ seasons? I have not. In real life coin flips it is rare, but it does happen. However, in HBD coin flips, I have NEVER SEEN IT.
There are two things that can explain this.
1. When evaluating players, most owners either can't look at stats because the player is a prospect and stats don't exist. Or, the owner looks primarily at ratings when evaluating players. If most owners look at ratings, maybe there have been AAAA players that have hit 800 OPS over 8+ seasons, but since we only look and sort by ratings, even if there was a player that was a AAAA player (55-60 hitting across the board ratings) that has an MLB career OPS of 800, we would never know because he would probably retire at the age of 30 because nobody signs him. However, I rule this out, because of the other side of the coin. I still have not seen or heard of a player that has 75+ across the board hitting ratings but has an OPS of 650 over 8+ seasons. If there was no code to protect against this, it would happen. It would be rare, but it would happen. So I think there is code to protect against this. Also, it would make sense that they protect against this. Because people will be people. An owner with a player that consistently under performs his ratings will put in a ticket. They don't want many tickets on this.
2. There is some type of progression/regression equation used to bump/nerf player performance. At first, I thought it might be a seasonal ten percent bump/nerf, but I really have no idea what the timing of it is. I just think that it is there. if it wasn't, from time to time we would see guys over/under performing over long periods to time.