Hodges absolutely was the winningest and most important* manager in club history when his number was retired. Was it premature to do so in 1973? Maybe. A totally different category than retiring Stengel’s number, which was dumb from day 1.
The funny thing of course is that they did number retirements perfectly for the next 45 years! You got your number retired if you were elected to the HOF (primarily) for your Mets accomplishments. It was a special level of honor, easily distinguishable from the Mets HOF or any other random thing. They even handled the 24 thing well in my view: it’s not retired, but it was only given out selectively to players who earned it (eg Rickey).
And then in 2019 the Wilpons screwed it all up by retiring Koosman’s number. (The retirement didn’t happen until 2021, but the flood of new retirements was a Wilpon initiative). Yes, Cohen should have done more to halt it but he didn’t start it.
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*A decent argument can be made that he’s still the most important manager in team history.