Comparing mpv's implementation against the ACES ODR reference samples
and algorithms, it seems like they're happy desaturating highlights
_way_ more aggressively than mpv currently does. And indeed, looking at
some example clips like The Redwoods (which is actually well-mastered),
the current desaturation produces unnatural-looking brightness fringes
where the sky meets the treeline.
Adjust the algorithm to make it apply to a much larger, more gradual
brightness region; and change the interpretation of the parameter. As a
bonus, the new parameter is actually sanely scaled (higher values = more
desaturation). Also, make it scale based on the signal level instead of
the luminance, to avoid under-desaturating bright blues.