OC2 is a very strong team, and easily within the Top 3, and a strong case for number 1. The best games I have seen played this season involved the Bears and OC2, either against each other, or against my son's team. The Bears, I think, play a better brand of team hockey, but are too dependent on their top player in the close game. OC2 has more players who can score the go ahead goal but has more independent contractors. OC2 is also very physical. My guess is that refs will be less likely to make calls on these physical plays in the playoffs, which should work to OC2's advantage.
Regarding the Wave, there is a difference between being competitive and making the playoffs. Wave 1 was clearly a playoff contender for a lot of the season. If only the playoff teams were "competitive" and deserved to be in the division, then PWA would be like Squirt A this year where everybody makes the playoffs. And if you are going to pick on teams that should not have been in the division and who were not competitive, there are many better candidates.