Observers of the NBA know that the direct effect of fouling out actually has less impact than the indirect effect of “foul trouble.” That is, if a player has a dangerous number of fouls, the coach will voluntarily bench him for part of the game, to lessen the chance of fouling out. Coaches seem to roughly use the rule of thumb that a player with n fouls should sit until n/6 of the game has passed. Allowing a player to play with 3 fouls in the first half is a particular taboo. On rare occasions when this taboo is broken, the announcers will invariably say something like, “They’re taking a big risk here; you really don’t want him to get his 4th.”
Is the rule of thumb reasonable? No!
The strategy of sitting a player with “foul trouble” seems to be tied in with the notion that points scored late are worth more than points scored early, so if a player can play N minutes before fouling out, you want to have some of those minutes available at the end of the game. But if (after sitting the player longer than the normal rest rotation dictates) the player doesn’t foul out, you haven’t maximized his minutes. The article also discusses some of the caveats on this approach.
I think there’s an interesting undercurrent to all professional sports coaching, where it’s more acceptable to lose if you follow the conventional wisdom approach than if you go maverick. Bill Belichick was lambasted last fall for “going for it” on 4th down instead of punting — it doesn’t matter so much that you could justify the decision as being the better one, from a risk analysis standpoint. The strategy was not the normal one, and it failed. Ergo, it was wrong.
Added: IOW, “Conventional wisdom” seems to linger longer than than the rules and strategies that gave birth to it.