The extreme rarity of perfect games in Major League Baseball underpins the current 82.5% implied probability that none will occur during the 2026 season. Only 24 such outings have been recorded across more than 150 years and hundreds of thousands of games, with the most recent coming from Domingo Germán in 2023. Entering mid-May, no pitcher has retired all 27 batters without a baserunner this year, consistent with historical patterns where multiple seasons often pass between these feats. Contemporary factors including elevated pitch counts, specialized bullpen roles, data-driven matchup avoidance, and offensive depth further limit the conditions needed for a complete-game masterpiece, aligning with trader consensus on the low likelihood this season.