I agree with
@OrangeAfroMan and
@betarhoalphadelta that the "Conventional Wisdom" tends to overvalue the importance of having a returning QB.
That said, I think an interesting point has been made here about differences between NC Contenders and average teams.
One way to look at it, I think, is to consider close games. Years ago we did a deep dive on HFA. We compared home and road conference winning percentage and found that while nearly every team did better at home, the difference (or HFA) was biggest for teams that tend to finish near the middle of the standings.
I didn't expect that, but once the data took us there I thought it through and it makes perfect sense.
In terms of winning vs losing, HFA only matters for the games against teams that are relatively even.
Consider this year's B1G,
Phil Steele has Ohio State at #1. For the Buckeyes, HFA is only remotely likely to be a factor in games against:
- #2 Michigan, away
- #3 Penn State, home
- #4 Wisconsin, away.
The Buckeyes don't play #5/6 (Iowa/Illinois) and host #7/8 (Minnesota/Maryland) so that is it, maybe three games.
It is similar for #14 Northwestern, HFA is only remotely likely to be a factor in games against:
- #11 Purdue, home
- #10 Nebraska, away.
The Wildcats don't play #13/12 (Rutgers/Indiana) nor #9 Michigan State so that is it, two games.
Teams in the middle face a much different situation. They might play five or six games against comparably middling teams where HFA could be decisive.
The same may apply to having a returning QB. It may not matter much for elite NC Contenders where they only play a few comparable teams each year and most of those are at the end of the year when every team has an experienced QB, but it might matter a lot for a team projected to go around .500 that is likely going to play a lot more competitive games and play them earlier in the season.