Earth's radius is usually given as 6378137 meters (equatorial radius), its flattening is defined as 1/298.257223 (WGS84), and thus its polar radius is calculated as 6356752 meters.
However, the average depth of the Earth's oceans is 3688 meters (i.e. 3688 meters below mean sea level), and the average height of all land above the oceans is 840 meters.
Assuming 71% oceans and 29% dry land, this gives
$0.71 \times (-3688~{\rm m}) ~+~ 0.29 \times 840~{\rm m} ~=~ -2374.8~{\rm m}$. In other words, 2374.8 meters below (current) mean sea level would be the "billiard-ball" Earth if all the oceans were drained1.
So, my question is:
What is the defining elevation of how the Earth's radius is measured? Is it the billiard-ball elevation, current mean sea level, or something else?
1 Of course, this ignores the oblateness caused by the flattening and all the undulations described by the geoid.