What I do is this: Take player ratings from season X-1, then run through all 5on5 matchups in season X and compare forecasted offensive efficiency with actual offensive efficiency. Some up the difference between the two for each player. The perfect metric should yield an error sum of 0 for each player. Players that the metric underrated should get a high positive (actual-forecast) etc. The players at the top and bottom of the list (most underrated and most overrated) are those that are most responsible for the forecasting/retrodiction error values not being lower
Here are the results for 2012 (forecasted with '11 RiRAPM)
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Overperformed on offense compared to forecast
Patrick Mills
Jordan Hamilton
James Singleton
James Anderson
Jordan Williams
Matt Bonner
Eric Gordon
Manu Ginobili
Tiago Splitter
Nate Robinson
Jeff Teague
Jamaal Magloire
Travis Outlaw
Al Horford
Josh Smith
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Underperformed on offensive compared to forecast
E'Twaun Moore
Bill Walker
Terrel Harris
JaJuan Johnson
Brian Cardinal
Sam Young
Yi Jianlian
Dominique Jones
DeSagana Diop
Jeremy Pargo
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Overperformed on defense compared to forecast
Ricky Rubio
Sasha Pavlovic
Jeremy Lin
Landry Fields
Bill Walker
Ryan Hollins
Steve Novak
Jimmy Butler
Jamaal Magloire
Larry Sanders
Ben Uzoh
John Lucas
Lavoy Allen
E'Twaun Moore
Tony Battie
Josh Harrellson
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Underperformed on defense compared to forecast
Jordan Farmar
Jonny Flynn
Shawne Williams
Mehmet Okur
MarShon Brooks
Shelden Williams
Cory Joseph
Luke Babbitt
Anthony Morrow
Deron Williams
Joel Przybilla
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Overperformed on offense
Tyson Chandler
Raymond Felton
Ronnie Brewer
Kobe Bryant
Michael Kidd-Gilchrist
Carmelo Anthony
Kyrie Irving
Tristan Thompson
Dion Waiters
Pau Gasol
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Underperformed on offense
Kevin Garnett
Tyreke Evans
David West
Jason Thompson
Jeff Teague
Roy Hibbert
A.J. Price
Louis Williams
Dorell Wright
Paul George
Trevor Ariza
Trevor Booker
When there's groups of players at the top or bottom it's probably a hint that the coach is doing either a great or horrible job