"Frankly, if you don't think a playoff series has enough data to determine the best team, then the Olympics, the World Series, the Super Bowl, and every other sporting championship has no value. All those winners were best when it counted. That makes them the best."
Just because something doesn't definitively determine who the best is, doesn't make it not valuable.
"Human performance is very selective, which is why we see spikes during competitions, playoffs, and championship games."
You'll see spikes on a random tuesday. People just view hot streaks in the regular season as just that, hot streaks, and hot streaks in the playoffs as "clutch".
Any team can beat any team in a hockey game, or a 7 game series. You just will retroactively view the team who won as clutch, and the other team as not clutch. Maybe this made sense in the 70s when there was little parity, but the gaps between teams aren't that big in the NHL, meaning luck plays a huge factor.
If you think otherwise, I'd recommend placing large amounts of money on various bets come playoff time.
Since luck isn't a factor, surely you can just get it right every round and make a ton of money. I mean the only other explanation why you could get something wrong, since you don't believe in luck impacting a playoff series, is that you don't know enough about hockey.
Or heck, just pick the cup winner every year. All you have to do is pick the best team. Make a ton of money. Easy peasy