Hopefully Mr. Readalot will post since I tagged him, but I haven’t seen him around much. He did an example with Var (Oxandrolone as he would say), and it was somewhat significant. His analysis had FT stay pretty consistent with TT going down. I’ll admit that I didn’t fully understand all the ins and outs, the main claim was that SHBG going down increases the speed at which Testosterone is cleared, which seems reasonable and lines up with the TRT world in which low SHBG guys inject frequently to keep stable levels.
Edit: Here is the post I am thinking of with the example.
I do think how much his SHBG dropped with oxandrolone would be pretty uncommon 50 ->8, but in that example TT dropped 50%.
Basically, we have competing effects when SHBG drops. We have testosterone clearance rate going up, and we have less T bound to SHBG. FT goes up because of less SHBG, but FT could go down as TT is lower.