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Pace is basically how quickly a team either shoots or turns the ball over. The Pacers (who the Knicks are now playing) have a very high pace, as befits their name.

why is that a metric...?

Doesn't seem obvious to me that that's a good (or bad!) thing

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"Measure what is measurable and make measurable what is not so." -Galileo

It proxies how quickly a team plays. Some teams have trouble playing against speed.

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