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Too general - you need to dig deeper than superficial PB Value..
Believe me, whether something helps me this or not is not the issue - I am thinking about people who will be in my situation in the future - a team that is struggling that could be penalized through no fault of my own - that is my only issue with the plan.
It is easy to use PB values for your calculations, but I think you need to go beyond that. You are generalizing too much.
Baseball is a game of stats... so let's dig deeper.
About 50% of my team is comprised of the PB value of 5 players - 3 fielders and 2 pitchers totalling 21.099. Also note that these pitchers are starters who are only in the lineup once every five games.
Now let's take a look at that 47 team you claim is on pace to do better than me... For the same 21.099 that it takes to field 5 of my players, they can field 8 players - all fielders (20.746)
So what you say? Well, what that means is that on average they have better players than I do for EVERY game.
My starters have PB values of 0.045, 1.190, 2.923, 5.128, 0.087, 0.107, 3.692 and 4.859.
Three of my regulars are under 1.000!
So yes, my team PB value is higher, but the other owner has a better team on the field day after day after day. So is his winning 9 more games a better accomplishment then me? Or maybe he should be winning more considering I've played the bulk of the season with the above players and I've managed to win almost the same amount of games as he has with a core team of players 2.000 and higher.
Now imagine if I had Bonds on my team. Your system would now REALLY punish me because of that one player.
Also, a good portion of my PB value is in pitching - something that is not very well valued PB, and something that only takes effect once in every 5 games for some players.
PB value is good as a guide, but it does not tell the whole story. In this instance the team that is one point higher is actually much stronger overall. A single player that may only play once every 5 days could be the difference between picking 9th, and picking 16th by your method, and in my books, that doesn't work.
This is where I see your formula is failing.