Iteration 11 synthesis — the hedge re-grounded on a named open problem; saturation goes terminal.

The single most important thing to get right this iteration is what did NOT happen. The mission framed A1 as potentially closing the carrier no-go to a proved theorem (its premise: Connes' bicentralizer problem was "resolved in general by Houdayer–Marrakchi–Tomatsu"). That premise is FALSE — verified by the referee against live sources: Connes' bicentralizer conjecture is OPEN in general as of 2026. So there was never a closure available, and the VERDICT-DELTA "re-verify three times before endorsing" gate (which triggers only on a closure-to-proved-theorem or a referee-UPHELD reverse-WW witness) does not fire. Neither extraordinary outcome occurred.

What did happen is the cleanest possible version of "nothing moved." For three iterations (9, 10) the principal hedge has carried a residual the program defined internally: a "commutant-to-generated gap." Iteration 11's genuine, surviving content is that this residual's algebra-internal horn lives in the modular centralizer $M_\psi$, so the right vocabulary for it is centralizer/bicentralizer structure theory — a body of mathematics with an external resolution clock not under the program's control. That is strictly cleaner and more honest. But the referee was emphatic that this is a re-grounding of vocabulary, NOT a reduction: the submission's "logical equivalence to Connes' bicentralizer problem" was MAJOR-CORRECTED, because it conflated two opposite conditions — a trivial centralizer (which kills a carrier, and which Marrakchi–Vaes make unconditionally achievable on every III$_1$ factor) versus Haagerup's bicentralizer-triviality (which yields an irreducible, large-centralizer state in which a carrier exists). Those are opposites; there is no equivalence. The no-go's inner horn stays closed by the inherited geometry-void and non-localizability facts, exactly as before. Grade unchanged, registry condition unchanged, count unchanged at FIVE.

A2 is the corroborating "no flip." Three genuinely independent handles on the reverse-WW question — the holographic (holography of information, plus its real Dec-2025 failure mode in arXiv:2512.18912), the geometric (T-duality/mirror symmetry), and the operational (MIP*=RE) — all reach the same carrier gate without producing a class-separating observable. The T-duality result is quietly the most interesting: it positively supports the wager's emergent-geometry ontology (two operationally identical metrics embarrass geometry-first Program G), but symmetrically across both theory classes, so it yields no witness. The holographic failure mode is the sharpest co-location: where holographic completeness fails, an emergent localized observer has been installed by gravitational dressing — which is precisely a carrier. These are roads to the gate, not new convergence routes; count stays FIVE.

A3 is the track that should govern what happens next, and it is referee-upheld: terminal analytical saturation. The marginal-yield curve is now flat to second order — grade-derivative zero since iteration 9, condition-derivative zero since iteration 10, and iteration 11 added only a precision re-grounding with no registry advance. Every residual that could move the verdict is gated on external input. This is the README-sanctioned obtained-outcome: a precise, reasoned account of why the verdict is not-yet-movable, which is itself the deliverable. The honest recommendation is TERMINAL-SATURATION: consolidate the standing deliverable and shift to lightweight watch-mode on (a) the carrier problem / any 2025–2027 net-naturality or bicentralizer development, and (b) the 2027 DESI five-year $w(z)$ verdict.

Net effect on the wiki: append-only iteration-11 blocks to FINDINGS / OPEN_PROBLEMS / HYPOTHESES; two conservative CONCLUSION amendments plus a §6 terminal-saturation capstone note; a CHANGELOG entry; verified-only BIBLIOGRAPHY additions. No file deletions, no retractions of prior text, no new numeric IDs. The tenth consecutive confirmation is recorded; the hedge is cleaner; the program is honestly done reasoning.