OK, I'll give this a go...
I personally wouldn't print the black on this dark a garment, but if this is a photo of a screen print my guess is that it went down like this:
1-White. With holes(ie. not printed spots). "bulldog", "baseball" and "Jasper" are printed white and there is a halftone of white under some of the red stitching. The "J" is not printed.
2 - Red. printed over the white "jasper" under base, but the holes are now filled in as they also seem to be in the outline.
3 - Black. In the "J" and in the basic drop shadow the holes are not printed, in the "Jasper" drop shadow the holes are filled in. There is a black halftone shadow on the ball and some stitching holes are printed.
That's what I got. I'm guessing this based on value and intensity as well as ease of print. This is bang-on registered, there is no trapping between the red outline and the white in "bulldogs" etc, but "Jasper" is much more intense, as is the outline of the "J" and a white halftone under base in the stitching would create that value change in the stitching...
It would make sense to disregard the holes in the red because it would be a registration nightmare and the value difference caused by the underbase makes up for it... It's one thing to outline letters with zero tolerance, but letters and multiple tiny spots... no thanks.
Like I said, I wouldn't print this like this, I'd lose the black.