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The three easiest components of catcher defense to measure are SB's, WP/PB's, and framing.
Olivo should get paid for 10 runs a year saved with his arm, but based on the measurements of the last few years, he also drops 10 runs with passed balls and probably drops 10 runs with pitch framing. The framing issue could be only because the teams he plays for get no respect.
None of that captures the most important catcher responsibility, CERA, at which Olivo has been very good the last five years.