So I finally caught up on the thread and wanted to respond to a few points. Sorry if this is a wall of text.
They don't dictate what happens in the shootout, which is entirely random.
Team shootout results may be random in relation to team Corsi (I haven't actually looked at numbers on this, but will defer to others if they have), however that's a lot different than saying they are, in fact, random.
There's every reason to believe that players like TJ Oshie, Jonathan Toews, James van Riemsdyk are better shootout shooters than players like Colton Orr or John Scott. Further there's significant reason to believe that Oshie, Toews, JVR, etc. are better at shootouts than other elite goal scorers. Specifically Ovechkin and Kessel are elite goal scorers, but that hasn't translated to the shootout. Ovechkin's results have been subpar and Kessel's have been absolutely atrocious. Similarly there's also reason to believe that some goalies are better than others at the shootout.
If you accept those two things, it stands to reason that teams with good shootout performers and a good shootout goalie (Pittsburgh might be a solid example) will have better results than teams without both those qualities, and that those results will be non-random.
What we're seeing here is hopefully the death of PDO. The claim with PDO is that it will regress to 1, but I see no reason to believe that since some teams just have better goaltending, Toronto is definitely one of those teams. Not one, but two really good relatively young goalies.
As for shooting % it's harder for a team to be better than average obviously, but having one of the best snipers in the league will certainly help. Kessel and van Riemsdyk are the leaders in taking shots and while they are above their career shooting % this season, it's not by a huge amount.
So, what should one take away from this? Toronto is a good team and they have their snipers and goalies to thank for that.
I've been vocal in the past about my doubt of PDOs strict regression to 1000 as some claim it should. However, a simple glance at the numbers on a larger level show that PDOs in the range of 1020-1030 simply cannot be expected to maintain over an 82 game schedule. There's the odd team that finishes a season with a 5 on 5 PDO above 1020, but the vast majority that have a high PDO early in the season fade down to the normal range as things go on. In fact, this is what the Leafs are doing right now. Their PDO is now under 1020 and has been in a slight decline for a good while.
As I estimated earlier, if we take each players on-ice shooting percentage for the last 5 years, weight it by ice time and then do the same for goalies, the Leafs "expected" PDO comes out to 1011, so even getting to 1019 requires believing that the Leafs players are performing significantly above their last 5 year averages, which in the case of Lupul and Kadri, would be quite impressive.
Luck is just a word for variables that you do not understand and haven't incorporated into your model.
I strongly disagree with this. Luck most certainly exists in sporting events. We have goals that are scored off of two deflections, a bounce off the boards and then off someone's elbow and into the net. If luck exists in the scoring or preventing of a single goal, then it must exist in the results of games and if it exists in the results of games it must exist in larger stretches. Sure, the effects of luck may be greatly diminished over a season long sample, but it still exists.
If shot metrics are only relevant for the purpose of evaluating affects on goal differential, which you then extrapolate to quality of team, then shouldn't actual goal differential have better predictive value for points than those shot metrics?
Are these shot metrics also only based on 5 on 5? Why are you then not looking at 5 on 5 goal differentials?
The basic line of thinking is that shot metrics correlate long term very well with goal metrics, which correlate long term very well with winning.
It is understood that by using indirect measures you add a level of error to your predictions. Shots don't correlate perfectly with goals and goals don't correlate perfectly with talent. However, given sample size requirements, the variation in correlation between goals and talent and between shots and goals, has historically been smaller than the variation from randomness inside a wins based sample due to size requirements.
From what I've seen, the point at which the variation from sample size drops below the variation from indirect measurement for goals vs wins is well above the season mark. The point at which that happens for shots vs goals is right around the full season mark.