This is very interesting Melvin. I'm assuming you've run a number of sims, the projected point ranges seem very conservative. How did you account for random factor, I wonder?
Fundamentally it is based on the scoring rates and allowing rates of the teams.
Suppose a team scores 2.55 goals per game and is facing a team that allows 3.15 goals per game. The adjusted scoring rate of our 2.55-scoring team can be calculated as NHL Average * (GF / NHLAverage) * (Opponent GA / NHL Average)
So plugging in an NHL average of 2.9 goals per game, we get 2.9 * 2.55 / 2.9 * 3.15/2.9 = 2.76.
You do this for each team and you get the expected number of goals for each side for the given game.
From there, you can use
Poisson to basically calculate the chances that the team scores a certain number of goals.
For example, our team which is expected to score 2.76 goals has a (2.76^0 * e^-2.76 )/0! ~= 6% chance of scoring 0 goals.
2.76^1 * e^-2.76 )/1! ~= 17% chance of scoring 1 goals
2.76^2 * e^-2.76 )/2! ~= 23% chance of scoring 2 goals
... and so forth. So we generate a random number between 0 and 1 and if that number is below 0.06 then our team scores 0 goals, if it's below .17 they score 1 goal and so on. So then it's just a simple matter of running through the schedule, calculating the expected scoring rate of each side for each team for each game, and generating random numbers. The randomness plays a very large factor because teams are not really that far apart in reality. Most teams are pretty close to the average of 2.9 goals/game and so there is going to be a lot of fluctuation. If the league were wider in terms of its talent, i.e. if there were teams scoring 5 goals/game and teams scoring 1 goal/game then you would see far more certainty, but also we wouldn't need math since it would be obvious.
In reality the difference between a bad NHL team and a good NHL team is not really as wide as people think, which is why 1-game upsets are relatively common. If you simulate the season 10,000 times, you're going to have weird results where Anaheim somehow got insanely lucky and won the division in some of them.
The fun thing about this is that in real life we only run the season once. So if our season happens to be the 1 in 10,000 where Anaheim won the division then I would be "wrong" even though that happened in a few of my sims as well! And it cuts both ways. I could be completely incorrect about all these rankings and still we happen to get the season that lines up perfectly with my most-common sims.
Anyway, that was a ramble but I hope it answers some of your question.
EDIT: Also I found a bug in my code that doesn't really affect the rankings but does affect the point ranges at the extremes. I think this is why the ranges seemed so conservative. In reality Colorado should have been 108-118 range and Arizona should be 65-77 range. Will post new numbers closer to season opening.
EDIT2: I forgot to mention I also factor in a small home-ice advantage of about 5%.