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I agree with your overall points.
And yes, French is going to struggle on days when he doesn't have that slider. I just don't like grouping French with Halama as a way of downplaying his upside (as Doc does here).
French throws 3mph+ HARDER than Halama did. Its like comparing Felix Hernandez's fastball to Jakubauskas'. French has a minus-MLB caliber fastball, Halama had a AAA fastball.
All French needs is a better feel for his change-up and hes an MLB #3 starter that plays very well in Safeco. As is, hes already a much better option than Olson, and a little better than Vargas (thanks to a better secondary pitch).