They look at actual results more than what people say their philosophies are. We have computers now and can a lot more with sports statistics than we could in the 1960s. There is no reason to rely any longer on the old school, standard stuff
I feel like I've posted this 100 times --
The Fremeau Efficiency Index (FEI) is a college football rating system based on opponent-adjusted possession efficiency, representing the per possession scoring advantage a team would be expected to have on a neutral field against an average opponent. Unadjusted possession efficiency (PE) is calculated as a function of offensive, defensive, and special teams game splits. Schedule strength is represented by each team's average per possession opponent adjustment (OA). Opponent-adjusted offense ratings (OFEI), opponent-adjusted defense ratings (DFEI), and opponent-adjusted special teams ratings (SFEI) are calculated in a similar manner as overall FEI ratings. Team records against all FBS opponents (W-L) and against opponents ranked in the FEI top 10 (v10), top 20 (v20), top 30 (v30), top 40 (v40), and top 50 (v50) are also provided.
Ratings and supporting data are calculated from the results of non-garbage possessions in FBS vs. FBS games.
On SP+ (which is a stat bettors love), the inventor says --
What is SP+? In a single sentence, it's a tempo- and opponent-adjusted measure of college football efficiency. I created the system at Football Outsiders in 2008, and as my experience with both college football and its stats has grown, I have made quite a few tweaks to the system.
SP+ is intended to be predictive and forward-facing. That is important to remember. It is not a résumé ranking that gives credit for big wins or particularly brave scheduling -- no good predictive system is. It is simply a measure of the most sustainable and predictable aspects of football. If you're lucky or unimpressive in a win, your rating will probably fall. If you're strong and unlucky in a loss, it will probably rise.
The SP+ rankings generally perform well against the spread -- 52 to 54 percent success over a full season, which is excellent for a system projecting every game and not specifically adjusting for injury.