My vote is drag. New our 328 topped out at 5100 RPM, 42 MPH, last year with 6 year old bottom paint but no growth, the best it would do was 37 at 4600 RPM. Even though the boat only had 200 hrs, I thought the engines had dropped power over time. Just had the bottom painted and it runs like new, same speeds, same as new RPMs. Last year I checked the bottom and really thought the bottom was pretty clean but apparently not.
Eventhough you've lost more RPM's, it could still be drag since my experience is that inboards may be affected more by drag since the props slip less than IO's. At 4000 RPM is the boat getting the same cruise speeds as it did a couple of years ago? If yes then I'd start looking at fuel, plugs, ignition, etc. Let us know what you find
_________________  2014 Vista V435 2011 Glastron GT180 2013 Sea Doo RXT-260
|