Yes, a useless statistical analysis.
You can tweak a ranking formula to say anything, but it doesn't have any value if the rankings (for something like best player at a position) are clearly wrong.
So stats are only useful when they confirm what we already believe, and they're useless when they show something different?
Instead of dismissing it as garbage because it doesn't give expected results, why not look into why? It's not some opaque mystery why Ovy is down in this ranking:
A) It takes into account the last 3 seasons; for Ovechkin, this includes 2 of his worst seasons
B) Even though the list is biased towards offence, it takes defence and transition into account and Ovechkin is below-average in both of these areas. You could argue stats have trouble evaluating defensive play, and that's true, but it's not like he ever had a reputation as a good defensive player to begin with.
Honestly, this list is far from perfect, and I'd put Ovy higher myself, but it's still more interesting than 99% of rankings out there (and more interesting than 99.9% of the content Sportsnet generally puts out). It had some actual work put into it and it's backed up by a consistent methodology. It's better than putting out another list that has players basically ranked by PPG.