A recent randomized controlled trial compared isocaloric ketogenic, Mediterranean, and very-low-fat plant-forward diets at matched weight loss and reported substantially greater reductions in liver fat and hepatic insulin sensitivity with the ketogenic diet. Critics have argued that the modest difference in protein intake between the diet arms explains this advantage. This commentary examines that claim. The protein-compensation hypothesis is mechanistically inverted: higher protein intake has been shown to upregulate hepatic de novo lipogenesis, not suppress it. It is also inconsistent with the trial’s own secondary findings: the ketogenic arm showed a two- to threefold greater improvement in hepatic insulin sensitivity, a variable that protein intake does not plausibly explain. If protein were the driver, the mechanism would have to overcome its own tendency to increase hepatic lipid synthesis. No such mechanism has been proposed. The most parsimonious reading of the data is that carbohydrate restriction lowered insulin exposure, reduced de novo lipogenesis, improved hepatic insulin signaling, and reduced liver fat. The protein-compensation hypothesis is not an alternative mechanism. It is a redescription of the data in a different vocabulary, without a mechanism to support the redescription.