This .500 talk is ridiculous. A couple of you nailed it early on: you guys are talking about two different metrics, in this case fractions.
Point % = Points Earned / Total Potential Points
Win % = Wins / Total Games Played
There is no right or wrong answer for a .500 (50%) team unless specify what your measuring. But of course points are what get you into the playoffs, so logically it is the more important/meaningful metric.
I have now fallen victim and added to the meaningless .500 semantics debate.
GO FLAMES!
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