The Flames are a statistical outlier. Outliers happen, see for example Joe DiMaggio's hitting streak or Don Bradman's career run average in test cricket.
Possession stats in hockey don't go back all that far, but there is for me good evidence that they do offer insight into the sport. I don't think they are the end-all-be-all and I think player tracking data is going to ultimately be way more useful and insightful.
That the Flames made the playoffs does not invalidate the statistic, likewise the Kings winning last year, or the Avs regressing does not prove it.
They are a tool, one of many, that help explain what's going on in a hockey game.
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