From a technical perspective, I think Negreanu’s argument about freezeouts makes sense when it comes to protecting the skill edge in tournaments. In a freezeout, every decision carries more weight because there’s no safety net—once you’re out, you’re out. That structure forces players to manage variance carefully and rewards those who can balance aggression with survival. Unlimited rebuys, on the other hand, can favor bankroll depth more than pure skill, since aggressive players can essentially “buy” additional variance until they hit a stack big enough to dominate.
At the same time, rebuys do create interesting dynamics. They often encourage looser play in the early levels, which can be exploited by disciplined players who understand ICM and long-term EV. However, as fields get tougher, the edge of solid regs can shrink, because weaker opponents are no longer punished by elimination—they just reload and continue. That’s why freezeouts are often seen as the truest test of tournament skill, while rebuy structures tend to shift the game toward bankroll management and variance tolerance.