Another factor here is simply the decreased risk in passing. With rules changes about defending receivers, changes in thinking about fumbles and what constitutes a catch (stuff that would've been considered fumbles years ago are now seen as dead balls) and the changes in protecting quarterbacks, plus my own thinking that frankly the skill players are more skilled than they used to be (honestly, look at the crazy catches guys make now), there is simply a higher percentage chance that you're going to complete your pass than there was thirty or forty years ago.
So now third and three, once considered a running down, is now seen as probably a passing down.
So now third and three, once considered a running down, is now seen as probably a passing down.

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