[GocartMozart]

All the leagues in the world have a set of journalists that come up with a formula that quantitatively comes up with a list. Now you can argue over the assumptions of the list, but i don't think that that list is actually far off from the general public sentiment. You could drill down and give each team they play in the league a weight, and take that into account. You could also add how often they go into the second standard deviation of results based on the lowest odds betting sites put as your mean. There are tons of formulas that you can put together, but the purpose is strictly to spark some interest of the public. Btw the FIFA national rankings are also based on a formula. One that is clearly far less accurate than this one.