Maybe you’ve seen this (Sept 2020). Interesting discussion:
Discussion
The findings of this study provide further support for the idea that the mechanism for the strong positive correlation between the circulating levels of SHBG and total testosterone in men is more complex than the stoichiometry of a high affinity circulating transport protein which controls metabolic clearance, and its ligand. Instead, the positive correlation in untreated, but not in testosterone-treated men, implies that SHBG regulates testicular negative feedback either directly or by modulating the entry of testosterone or estradiol into cells in the hypothalamus and/or pituitary to control gonadotropin synthesis and secretion, and thereby testosterone levels.
Look at those free T levels of the T-treated men:
Someone tell the Doc they should be up at least 25 ng/dL free T (range of guys here was 4.6-9.5 ng/dL). Puny, girly men @yeti308 !!