I respectfully disagree. While I don't think Dom's model is perfect, as are other public models, it is data. His data usually translates to the NHL. The one team he has been wrong on every year has been the Isles. He was too low on them two and three years ago. He was too high on them last year. Otherwise, he has been more accurate with his predictions than the traditional "NHL analyst."
As far as adjusting models. That's a good thing. There's nothing wrong with learning new information and applying it to your model. Just like anything else, his models are just another data point.
He just arbitrarily adjusts the model based on what he thinks he did wrong, so again, there's no baseline and it's no different than if I created my own model. It's not based on some established precedent for winning, but only on recent results, it's always based on what he thinks it should be.
I don't think he's been more right than traditional NHL analysts at all, and the fact he was too low on the Islanders twice in a row (when they did well) and then was too high on them last season (when they did poorly) should tell you everything you need to know about his "models." He doesn't have faith in the model, he's adjusting it to fit what he thinks will happen.
As far as being overpaid goes. I don't believe Bailey or Palmieri gets 5 mil per year on the open market. Nino just got 4. He is a more productive player than both. However, Erik Gudbransson got 4 mil/year. So there's always a dopey team that overpays. That doesn't mean that's fair value for a player IMO. So I think there is more than one way to think about "overpaid."
They both would've gotten $5M more on the open market, yes. Bailey actually took a discount at the time he signed that deal. Palmieri hit the open market and was brought back. If you're basing your "overpaid" claim on a single season, I guess, but it's a really poor way of viewing things.
I also would like to add that if none of the players I listed weren't "overpaid," and we were spending to the cap, how were we so bad last year? Long road trip? COVID? Or paying too many middle 6 forwards at top 6 prices?
They lack top end talent, which is what I said earlier. Having more middle 6 guys than the opposition doesn't suddenly raise them all to McDavid levels. The COVID bout really did a number on them as well, it guaranteed half a dozen losses while the rest of the NHL didn't have that. Late in the season the team was actually ahead of Washington in regulation wins, but were double digit points behind Washington in the standings. That's because they can't win in overtime when other teams put their top tier guys against the Islanders' overabundance of middle six guys and no game breaking talent.