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Kenny ColeIf McGraw was ever among the best, a proposition which I don't agree with, it was only for a very short while. He was only a regular or semi-regular for 9 years. In fact, he played in over 100 games in only five seasons. In two other seasons, he exceeded 90 games. Overall, he only had 3924 AB and only 1309 hits. To my way of thinking, that isn't really a HOF-quality type of career.
Moreover, if you go to BaseballReference.com and look at his comps, only two of the top 10 most comparable players are in the HOF. Those two are Jennings (4th) and Chance (6th), both of whom are somewhat iffy HOF selections based strictly on their achievements as players. The three players most comparable to McGraw, in order, are Denny Lyons, Johnny Pesky and Red Rolfe.
I've heard sporadic HOF arguments in favor of each. However, I don't think there has ever been much of a hue and cry for the election of Lyons, Pesky or Rolfe to the HOF. The reason is that neither the length of their careers nor their accomplishments while they played warrant it. The same is true of McGraw. End of story.