Channel-length modulation (CLM)
Beginner
After the current levels off, it still creeps up a little as the push across the transistor grows.
Novice
As rises past saturation, the depleted region at the drain widens and the effective channel gets shorter, so a little more current flows. It is modeled as a factor , where is fitted to measurements.
Expert
. Modeled as , by analogy with the BJT Early voltage. It sets the finite output resistance and gets worse as L shrinks.
Explained in The I-V curve (Transistors).
See also: Output resistance (ro), Pinch-off.