Worth grading
Cards whose expected value once graded exceeds what a raw copy costs — weighted by how often that card actually receives each grade, and before grading costs.
What a submission is worth on average — every PSA grade priced, weighted by how often that card actually receives it — less what a raw copy costs. Shown only where the graded copies genuinely trade. Figures are before grading costs. PSA prices by tier and declared value, so a bulk submitter and a one-off customer pay very different amounts for the same service — subtracting one assumed rate would be wrong for most readers and flattering to every row. Subtract your own, plus shipping and selling fees. Two other things: the raw price is a listed price, the one figure here with no completed sale behind it; and a population report describes cards people already submitted, so the best raw copies are long gone and real gem rates run below it.