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Does parity dilute the quality of play in MLS?

After From the South Stands’ article on why parity in MLS makes American soccer so compelling started gaining traction on reddit, it became clear that there was one main argument against his point: parity = lower quality. The premise is that while yes, MLS has parity and any team could win on any given day, the overall product on the field and quality of play is lower than in other leagues around the world.

So we decided to tackle this topic as a staff and answer the question: Does parity dilute the quality of play in MLS?