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There are so many uncertainties you could consider. I think the biggest one is just the uncertainy of binomial uncertainties. Flip a coin 162 times and how many heads will you get?

 

Standard Deviation = SQRT [n x p x (1 - p)]

 

n = number of games

p = probability of winning

 

For a .500 team playing 162 games, 1 SD = 6.4 games.

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