Not saying that the current voting systems are without their flaws, but I've always been a big supporter of leaving a player's eligibility intact, even if they failed to be inducted in earlier votes. (The various Veteran's Committees). This doesn't mean that they are perpetually on the ballot - a knowledgeable screening committee still must nominate them. But you just never know, how a player's career will be judged through the hindsight of history! Perfect example: Players who were originally judged to have mediocre power numbers from the 1970s-80s compared to the steroid era boys, are NOW being recognized more favorably - as they should be.
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