I'll be explaining the philosophy and the numbers behind the rankings.
The ranking uses the common elo rating formula. However unlike normal elo ratings, we take into account the following: Match Importance, Series Score, and Region Weights, all these will be explained below.
Remember that elo ratings are a good measure of a team's past performances, but they don't tell the future on who will win, if this is to be used in articles and arguments, maybe use this to determine who's the favourite to win.
The following are the k-factor used across all leagues (qualifiers/leagues/mct):
Regular Season - 100
Playoffs - 150
For MSC and M-Series the following are used:
Wildcard - 100
Group Stage - 150
Playoffs - 200
This k-factors reflect match importance and gives weight to matches of importance.
2-0 and 2-1 victories are obviously different. Our elo rating formula factors in a score multiplier depending on the game score per series. The following formula is used to calculate the score multiplier:
Game Winner Score / Total Games
To determine the initial elo of regions, we first made a ranking on the past six international tournaments. This can also be found in Region Rankings.
We patterned the Region Rankings to UEFA coefficients where we assigned points depending on their series results in MSC and M-Series. There is also a decay where more recent tournaments weight higher than older tournaments.
For Best-of-1s
1-0 = Winner gets 1 point, Loser gets none
For Best-of-3s
2-0 = Winner gets 3 points, Loser gets none
2-1 = Winner gets 2 points, Loser gets 1 point
For Best-of-5s
3-0 = Winner gets 5 points, Loser gets none
3-1 = Winner gets 4 points, Loser gets 1 point
3-2 = Winner gets 3 points, Loser gets 2 points
For Best-of-7s
4-0 = Winner gets 7 points, Loser gets none
4-1 = Winner gets 6 points, Loser gets 1 point
4-2 = Winner gets 5 points, Loser gets 2 points
4-3 = Winner gets 4 points, Loser gets 3 points
This applies for Group Stage and Knockout Stage. For Wildcards, points earnt is halved.
After this we also assigned points based on a team's final ranking.
With that in mind, here are the initial Elo ratings per region to reflect region strength.