You got me curiouser. And Googling the amount of water which may be injected yielded a curious result.

"The more protein, the better the ham. If you find a ham simply labeled "ham," it has at least 20 percent protein. "Ham with natural juices" must have at least 18 percent protein, and those labeled "water added" have 17 percent or less." They don't say how much water can be added, only how much protein must remain.

So. There can be 83% or more unrelated stuff, fat and water, whatever, in a "water added ham"

You are correct about the Honey-Baked people. Delicious. However, I was at a grocery store and the impulse hit me. And you got me curious.