This is a sad day. Not just because Floyd Landis' appeal was denied, but also because we as cycling obsessed fans will never know the truth.
The arbitrators basically decided not to use the positive testosterone/epitestosterone result because of the way things were done at the lab, but instead found the test that showed the presence of synthetic testosterone in Landis' samples could serve as an independent basis for a finding of guilty. The panel majority did not find Landis' arguments about the faults with the second test to be persuasive.
The problem is that the second test, for synthetic testosterone, is only done if the T/E test comes back positive i.e. over the limit. So, if Landis' T/E ratio had been within the allowed parameters, they never would have even tested the samples for synthetic testosterone.
Process is as important as substance. If the first test results are questionable, the whole result should be thrown out. This would mean that Landis' appeal would have been granted; no ban. This would not mean that he didn't dope, it would simply mean that USADA was unable to prove its case.
I watched his attack and ride on stage 17 of the 2006 Tour live as it happened. I didn't think it was super-human. I thought at the time that the teams let him go in the same manner they let Rasmussen go. He'll fade, doesn't matter, no longer a threat etc. I believed then and I still want to believe now that his win was a product of effort, endurance and sheer will power, not doping.
The only person who really knows if Floyd Landis doped is Floyd Landis.
Meanwhile Barry Bonds breaks Hank Aaron's record and is still allowed to play. Home run #755 was sold for $186,750 while #766, the record breaker, sold for $752,467.