Thanks, outstanding find. Finally, someone is attempting to do this in a rigorous fashion.
The bottom line from this paper:
1. PER is no better than PPG or MPG in predicting future team wins (tables 4-7), and in fact, it's somewhat worse.
2. PER does do a good job at predicting Adjusted +/- in future years.
3. However, and this is the surprising thing, Adjusted +/- does a crappy job at predicting future team wins.

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