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Rubisco is the most abundant enzyme in the biosphere and one of the best-characterized enzymes. Based on correlations between Rubisco kinetic parameters, it is widely posited that tradeoffs embedded in the catalytic mechanism constrain its specificity and maximum catalytic rate. However, the reasoning that established this view was based on data from ≈20 organisms. We re-examine these tradeoff models using a dataset from ≈300 organisms. Most correlations are substantially attenuated, with the inverse relationship between carboxylation k _cat and specificity S _C/O being a key example. Only one tradeoff model survives in our dataset. In this model, increasing catalytic efficiency ( k _cat /K _M ) for carboxylation requires increased catalytic efficiency for the competing oxygenation reaction, evidenced by strong power-law correlation between catalytic efficiencies. Our results imply that Rubisco evolution is constrained primarily by the physicochemical limits of O ₂ /CO ₂ discrimination, which should reframe efforts to engineer this very central enzyme.