The correlation between points percentage and Fenwick Close the last six seasons is actually .58. Score effects matter if you're doing possession analysis. So does sample size. If you take out last season, which was a bit unique due to only having 48 games, it rises to .61.
That's higher than a lot of other statistics thought to be fairly important at the team level. It correlates higher with winning than power play percentage, penalty kill percentage, shooting percentage, save percentage, shot differential, faceoff percentage etc. It's roughly the same as goals per game.
No one has ever argued teams cannot win games without possession. Possession is only 5-on-5 play and doesn't make any measurement of goaltending, which is obviously huge for any team's success. You can be a great possession team with horrific goaltending and you'll miss the playoffs. Or, like the Leafs, you can be a weak possession team with great goaltending and special teams and you'll make them.
But there's no argument that poor or middling possession teams do as well as good ones. Teams with 52 per cent or better Fenwick Close are, on average, dominant teams. Teams below 48 per cent are, again on average, quite poor.
For the Leafs to be a consistent 100-point team in this league, it's likely they're going to have to spend more time in the opposition end than they have been. The good news is it looks like they've got goaltending and special teams figured out.