Yes you are correct. It involves the metabolism of esterified testosterone depot into free testosterone and absorption is the rate limiting step. Esterified testosterone exhibits what’s termed
when injected, where the absorption rate is much slower than the elimination rate of testosterone once it is freed from the fatty acid ester by the body.
While we all “eliminate” testosterone at about the same rate (on the order of minutes), some “hyperexcreters” as they are sometimes called are actually “hyperabsorbers” where their body will take up and “clear” the testosterone ester into eliminable form faster than most. See here for more info on the mechanism of absorption. This is why one can observe a variation in the elimination half life for test esters which experimentally can vary from 3-6 days typically for test cypionate or enanthate. The true elimination half life is much less than 1 day (on the order of an hour) but the slower absorption of testosterone into the body’ central compartment takes days and hides the true elimination rate. The engineering term for this is resistances in series and adsorption is the rate limiting step in the process.
Now that we are done bickering, I’ll try to put something together on it if guys find it useful. It will require math and charts though if a deeper level of appreciation is desired.