Tweaking The Points Table

In tournaments like IPL, we eagerly look at the points table to judge how teams are progressing and who would end up among the Top 4 or Top 2. 
It frequently happens that different teams have played different number of matches at a given point of time and hence the points table often doesn’t reflect the true picture.

Here’s an example :

Some teams have played 5 while some have played 8 matches and we are comparing standings of all on the same scale of total Points.

Can we do a better job of representing the true standings?

Case 1: Mumbai has played 8 and score 8 points while Delhi has played only 5 and already amassed 6 points, given that 3 matches are still pending, Delhi clearly should have been among the Top 3 teams. Even SRH by same logic should have been above Mumbai and have a spot in Top 4.

Can it be based on a parameter, “Points Per Match” , Let’s say PPM! 
How does that alter the table?

Notice how the ranks changed for 5 out of 8 teams (DD, SRH, MI, RCB, RPS)

So DD, SRH are in Top 4 and RCB too is in a better position than RPS.

Can PPM (Points per match ) be used to indicate the true standings ?

One practical difficulty might be that total points are simpler to understand.

But should we continue with a flawed representation of standings?

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