The loser point has also helped parity in the league. The really bad teams who lose a lot of games are technically still the mix in the standings if they have a lot of loser points. This makes the game more appealing, because when a team is only 8 points out of a playoff spot in January, at least they're putting in an effort and not mailing it in.
It also makes the playoff chase harder. It's harder to gain ground on a team when teams are gaining points for their loses, so a win is only a one point gain against a loser point. This puts more teams in the mix, more rivalries, more drama, etc.
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