Speaker protection may be based on multiple speaker models with oversight logic that controls the speaker protection based on the multiple speaker models. At least one of the speaker models may be based on a speaker excursion determined from feedback information from the speaker, such as a current or voltage measured at the speaker. Excursion based on the speaker feedback may be used to determine an error in an excursion prediction made from the audio signal. The excursion prediction may then be compensated for that error. In some embodiments, a direct displacement estimate of excursion generated from speaker monitor signals is used to correct a fixed excursion model applied to an input audio signal.