Factual error: In the movie, after the USSR's first goal, the announcer *correctly* announces that the goal was scored by Krutov, who deflected the puck in. In the actual game, she incorrectly announced that it was the player who made the initial slap-shot. (Later in the game, Al Michaels pointed out the correction while doing the play-by-play.).
Factual error: Colorado Springs location shots are completely off. Broadmoor World Arena had a very high, arched roof, wooden seats throughout and no press box even vaguely resembling that shown in the film. It was demolished in 1995 though actual photos are still available here: http://www.coloradocollege.edu/athletics/hockey/history/allbroadmoor/BroadmoorWorldArenaPhotos1.cfm Olympic Training Center was built on the grounds of an old military base, no rolling hills or heavy vegetation. In 1979 the old barracks, used as dormatories for the athletes, were very prominent and visible on the grounds.
Chosen answer: It appears that the medal round was just a continuation of the round robin tournament. When the US deafeated Finland, it cliched the best record in the tournament. The Soviet Union had the second best record, and Sweden the third best.
Timothy Cheseborough