The lack of understanding of the term '.500'
With the current points system and the "extra ('loser') point" (see above...) some people claim that if a team is, say, 20-14-6 that they should be looked at as .500. In actuality, the term means, and originated, from points percentage. It means that a team has collected half of the points available to them thus far in a season. Hence talking it to three decimal points, as is often necessary with a percentage like that. If it were strictly showing what percentage of games a team had won, wouldn't '.50%' team suffice? "Fifty team" doesn't sound as good as "Five Hundred team", however.
For example:
A team that is 20-20-3 is a .500 team. They have collected 43 points in 43 games (a potential for 86 points). Half the available points.
A team that is 20-16-7 is an above .500 team. They are a .546 team to be exact. This is despite having only won 20 of their 23 games (46.5%).
You may not agree with it, but it is what the term .500 means.