A rotary knife includes a frame, an annular blade, and a blade housing mounted to the frame. The housing presents a circumferential mounting surface in contact with the frame. The housing supports the blade on the frame for rotation about a central axis. The housing includes a blade-supporting race defined along a circle centered on the central axis. The mounting surface is defined along a circular arc with a center point spaced from the central axis, such that the blade-supporting race and mounting surface are eccentric relative to one another. The housing presents opposite inner and outer annular faces. At least one of the faces presents a proximal-most end in contact with the frame and a distal-most end spaced from the frame. The proximal-most end is spaced from the central axis a first distance. The distal-most end is spaced from the central axis a second distance. The distances are different.