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Three True Outcomes -- home runs, walks, and strikeouts. Expressed as a rate stat, the formula is TTO% = ((HR+BB+SO) / PA) * 100%
Originally conceived of as an offbeat tribute to Rob Deer (http://www.baseballprospectus.com/article.php?articleid=724), the TTO celebrates batters who don't put the ball into play.
Ironically, TTO gained some credence beyond it's novelty value with the development of Voros McCracken's DIPS theory that states that pitchers have little control over the outcomes of batted balls in play, and thus should be evaluated primarily on the basis of the strikeouts, walks, and home runs they allow.
BP has awarded the TTO crown annually for several years. e.g. http://www.baseballprospectus.com/article.php?articleid=4721