An update of Owens et al. (2008) shows that the relationship between the coronal mass ejection (CME) rate and the heliospheric magnetic field strength predicts a field floor of less than 4 nT at 1 AU. This implies that the record low values measured during this solar minimum do not necessarily contradict the idea that open flux is conserved. The results are consistent with the hypothesis that CMEs add flux to the heliosphere and interchange reconnection between open flux and closed CME loops subtracts flux. An existing model embracing this hypothesis, however, overestimates flux during the current minimum, even though the CME rate has been low. The discrepancy calls for reasonable changes in model assumptions. Comment: in press, ASP Conference Series, SOHO-23: Understanding a Peculiar Solar Minimum, edited by S. Cranmer, T. Hoeksema, and J. Kohl