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The determination of whether an incentive is classified as Likely To Be Earned (LTBE) for a veteran player primarily hinges on the player's or team's performance in the previous season. LTBE incentives are statistical benchmarks or achievements that, based on past performances, are reasonably expected to occur again in the upcoming season.

For example, if a player has consistently averaged a certain number of touchdowns or rushing yards in prior seasons, incentives based on achieving similar statistics in the next season are considered LTBE. This classification has significant implications for how a team's salary cap is calculated, as the anticipated costs of LTBE incentives are counted against the salary cap for that season, whereas incentives not meeting this threshold remain counts as potential future costs instead.

Therefore, performance metrics from the past season serve as a crucial benchmark for assessing LTBE incentives, making it the correct answer to the question.