Neutralized stats are neutralized against something although I haven't seen it stated exactly what. It may have been stated. If so I missed it. Maybe it wasn't in the thread where this is a big issue.
It would be a fair assumption that the stats where neutralized (by Garlon) using teh same data base he used to create park factors. I asked directly for a confirmation but didn't see an answer.
Real stats are neutralized against the game's park factors file. So if neutralized stats are created as described above then player ratings using either would be the same except for real stats reducing the peak home runs for some players.
However the conclusion offered here
https://forums.ootpdevelopments.com/...=331958&page=7
is different from the conclusion from the information above. Both pieces of information came from people in the know so it appears a case of the left hand not knowing what the right is doing.