At clean W RMS rating the Fender schem shows 16.7VAC at the 6V6 grids...the amp might make up to 18W or so under full distortion, if we scale that up, it represents 12VAC at the OT secondary & 20VAC at the 6V6 grid.
As the tubes try to draw more current, the B+ will sag & the 6V6s will head farther from saturation, more towards cut-off.
Also, the rest of the circuit is not really condusive to headroom - relatively low preamp voltages, cathodyne PI, lack of NFB loop, significant drop between plate & screen voltages...stages prior to the output are undoubtedly having a significant effect too.
As the tubes try to draw more current, the B+ will sag & the 6V6s will head farther from saturation, more towards cut-off.
Also, the rest of the circuit is not really condusive to headroom - relatively low preamp voltages, cathodyne PI, lack of NFB loop, significant drop between plate & screen voltages...stages prior to the output are undoubtedly having a significant effect too.
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