Expected Fielding Independent Pitching
FIP with home runs set to a league-normal rate of fly balls leaving the park.
What it actually is. Fielding independent pitching with the pitcher's home run rate replaced by a league-average rate on his fly balls.
What a scout reads off it. Use it when a pitcher's home run total looks strange. Home runs per fly ball bounces around far more than skill does, so normalizing it usually gets you closer to next year's pitcher than this year's results did.
How it lies to you. Some pitchers really do give up more home runs per fly ball, because they pitch up in the zone or in a small park half the time. Normalizing them every year punishes them for something real.
Batter's Eye: look up anything in baseball