I've updated the ranking formula slightly. Quick summary:
The dropoff in benefits accrued to wins over quality opponents vs mediocre opponents is quicker; the dropoff from benefits accrued to wins over mediocre vs weaker opponents is slower. The converse is also true when looking at losses.
And now for the new rankings:
1 Baylor 5.36716792 1
2 Syracuse 5.03256917 2
3 Duke 4.959722222 3
4 Kansas 4.59960084 4
5 Kentucky 4.570779221 5
6 Creighton 4.502392045 6
7 Temple 4.360325 7
8 Missouri 4.178245614 8
9 Marquette 4.082916667 9
10 Ohio State 3.815574163 10
11 Georgetown 3.763234375 11
12 Michigan State 3.750532213 12
13 Wisconsin 3.728457219 13
14 Southern Miss 3.677870813 14
15 UNLV 3.46525 15
16 North Carolina 3.390352941 16
17 San Diego State 3.389444444 17
18 Saint Mary's 3.299006211 18
19 Louisville 3.296743316 19
20 Michigan 3.269240057 20
21 Murray State 3.235102041 21
22 Harvard 3.1338125 22
23 Kansas State 3.0485 23
24 Florida 3.039551821 24
25 Virginia 3.014029412 25
26 Vanderbilt 3.009217262 26
27 West Virginia 2.951623377 27
28 Purdue 2.875519481 28
29 Connecticut 2.861196429 29
30 Illinois 2.858904762 30
31 Indiana 2.838303571 31
32 Wichita State 2.787121212 32
33 Gonzaga 2.696948529 33
34 Middle Tennessee State 2.642070652 34
35 Mississippi State 2.594518717 35
36 Seton Hall 2.573095238 36
37 Minnesota 2.514644886 37
38 Florida State 2.5 38
39 Oral Roberts 2.308411458 39
40 Iona 2.284993316 40
41 Memphis 2.233071429 41
42 Cleveland State 2.219640152 42
43 Saint Louis 2.215610119 43
44 Alabama 2.189982993 44
45 Notre Dame 2.094058442 45
46 New Mexico 2.085444678 46
47 Dayton 2.065790816 47
48 Ole Miss 1.891156463 48
49 California 1.890120536 49
50 Long Beach State 1.859559659 50
51 Brigham Young 1.849895833 51
52 Nevada 1.839246032 52
53 Massachusetts 1.750857143 53
54 Colorado State 1.716642857 54
55 Xavier 1.699515306 55
56 Oregon 1.6982 56
57 Ohio 1.662433473 57
58 Stanford 1.659 58
59 Akron 1.655170068 59
60 Cincinnati 1.645857143 60
61 Northwestern 1.63221875 61
62 Iowa State 1.548238095 62
63 Loyola (MD) 1.544074405 63
64 La Salle 1.530234375 64
65 Denver 1.519289773 65
66 Wagner 1.486785714 66
67 Marshall 1.453168498 67
68 Oklahoma 1.444048077 68
69 Virginia Commonwealth 1.421623188 69
70 Northern Iowa 1.40326087 70
71 St. Joseph's (PA) 1.397246503 71
72 UCF 1.320845238 72
73 Wyoming 1.225637255 73
74 South Dakota State 1.218132992 74
75 Bucknell 1.204680307 75
76 Arkansas 1.176071429 76
77 Davidson 1.17345 77
78 Washington 1.159676871 78
79 St. Bonaventure 1.139003759 79
80 Texas 1.129010989 80
81 NC State 1.10936039 81
82 Kent State 1.089839286 82
83 Missouri State 1.075351171 83
84 Drexel 1.058025401 84
85 LSU 1.039642857 85
86 Miami (FL) 1.025991541 86
87 South Florida 0.893986014 87
88 Arizona 0.8675 88
89 Nebraska 0.852916667 89
90 George Mason 0.812105072 90
91 Pittsburgh 0.809318182 91
92 Maryland 0.79225 92
93 Buffalo 0.776944444 93
94 Colorado 0.771377551 94
95 Weber State 0.73215625 95
96 Long Island 0.702363636 96
97 Manhattan 0.693974026 97
98 Duquesne 0.615684524 98
99 Virginia Tech 0.560119048 99
100 Drake 0.54493007 100
101 UCLA 0.47031746 101
102 Texas-Arlington 0.4605 102
103 TCU 0.38534375 103
104 New Mexico State 0.384295455 104
105 Lehigh 0.377659847 105
106 Indiana State 0.374642857 106
107 Rutgers 0.364630682 107
108 Iowa 0.361365801 108
109 Richmond 0.355909091 109
110 Providence 0.336295455 110
111 Mercer 0.288951863 111
112 Illinois State 0.286501623 112
113 Auburn 0.284583333 113
114 DePaul 0.28019697 114
115 Belmont 0.279415584 115
116 Norfolk State 0.271633523 116
117 Robert Morris 0.201316964 117
118 Oklahoma State 0.182015152 118
119 Montana 0.105428571 119
120 Milwaukee 0.089275362 120
121 Yale 0.084196581 121
122 Texas A&M 0.032875 122
123 Penn State 0.023159091 123
124 Villanova -0.020045455 124
125 Coastal Carolina -0.042220238 125
126 Old Dominion -0.042885611 126
127 Tennessee -0.053134199 127
128 Georgia -0.0548625 128
129 Loyola Marymount -0.086689977 129
130 Valparaiso -0.102779891 130
131 Lamar -0.119759615 131
132 Oregon State -0.162059066 132
133 UC-Santa Barbara -0.182463925 133
134 American University -0.191347403 134
135 North Carolina-Asheville -0.228218168 135
136 Charlotte -0.398125 136
137 Oakland -0.400494792 137
138 Pennsylvania -0.40504386 138
139 Mississippi Valley State -0.413670455 139
140 Charleston Southern -0.444047619 140
141 Albany -0.471304348 141
142 Tulane -0.495408163 142
143 Fairfield -0.517878788 143
144 North Dakota State -0.520986395 144
145 Washington State -0.530135281 145
146 Air Force -0.537326555 146
147 Tulsa -0.548697552 147
148 Wake Forest -0.559209957 148
149 Georgia State -0.597743506 149
150 Evansville -0.62085 150
151 Northeastern -0.656188312 151
152 San Francisco -0.66675 152
153 North Texas -0.714350233 153
154 Princeton -0.759788194 154
155 Butler -0.774757905 155
156 Rice -0.808363636 156
157 Utah State -0.815727273 157
158 Campbell -0.831276786 158
159 Northwestern State -0.856071429 159
160 Boise State -0.8661 160
161 St. John's -0.873888889 161
162 Youngstown State -0.881378788 162
163 Stony Brook -0.905663462 163
164 Green Bay -0.916071429 164
165 USC Upstate -0.968951049 165
166 Florida Gulf Coast -0.973813853 166
167 Ball State -0.995770677 167
168 Wofford -1.066560471 168
169 Fordham -1.069409091 169
170 Louisiana -1.074528162 170
171 Cal State Fullerton -1.095221154 171
172 Savannah State -1.182852814 172
173 Western Michigan -1.184538961 173
174 Niagara -1.221022727 174
175 Vermont -1.247065217 175
176 Detroit -1.280266798 176
177 Cal Poly -1.288414918 177
178 Texas-San Antonio -1.300884354 178
179 Tennessee State -1.326712375 179
180 North Florida -1.364856719 180
181 South Alabama -1.388214912 181
182 Hawaii -1.410595238 182
183 Florida Atlantic -1.421071429 183
184 Bowling Green -1.433136364 184
185 Tennessee Tech -1.478933566 185
186 Texas-El Paso -1.495582251 186
187 Houston -1.524488636 187
188 Arkansas State -1.538012422 188
189 Virginia Military Institute -1.556494589 189
190 Boston University -1.583016304 190
191 College of Charleston -1.596904762 191
192 Eastern Kentucky -1.603962451 192
193 Morehead State -1.630464427 193
194 Texas Southern -1.642653846 194
195 George Washington -1.644734432 195
196 UAB -1.649145604 196
197 Clemson -1.655295455 197
198 Louisiana Tech -1.709969008 198
199 South Carolina -1.721560606 199
200 Delaware -1.742242063 200
201 Texas Tech -1.746936813 201
202 Utah Valley University -1.747929766 202
203 Siena -1.755333333 203
204 Southern Methodist -1.772376623 204
205 Wright State -1.775541008 205
206 Central Connecticut State -1.8015875 206
207 Cornell -1.804141414 207
208 Georgia Tech -1.83421875 208
209 Western Illinois -1.83975 209
210 Coppin State -1.861709957 210
211 Southern Utah -1.868681818 211
212 McNeese State -1.871631579 212
213 IPFW -1.918034632 213
214 Arkansas-Little Rock -1.943016722 214
215 Lipscomb -1.954181818 215
216 Columbia -1.9605625 216
217 East Carolina -1.966 217
218 Eastern Michigan -1.970642857 218
219 East Tennessee State -2.08645 219
220 Quinnipiac -2.101338745 220
221 North Carolina A&T -2.109573864 221
222 North Dakota -2.125075 222
223 Holy Cross -2.135079365 223
224 Portland State -2.1585 224
225 St. Francis (NY) -2.174341991 225
226 Eastern Washington -2.207045455 226
227 Georgia Southern -2.246785714 227
228 Rider -2.254901656 228
229 Fresno State -2.25757764 229
230 Furman -2.286374459 230
231 Elon -2.326575 231
232 Southern University -2.365702479 232
233 USC -2.380546875 233
234 Southern Illinois -2.448045455 234
235 Southeast Missouri State -2.484909091 235
236 North Carolina-Wilmington -2.497564103 236
237 San Diego -2.527655678 237
238 Cal State Bakersfield -2.537913223 238
239 New Jersey Tech -2.573106061 239
240 Bethune-Cookman -2.601666667 240
241 UC Riverside -2.606744589 241
242 Austin Peay -2.637142857 242
243 Gardner-Webb -2.637770903 243
244 Idaho -2.654885281 244
245 North Carolina-Greensboro -2.68487013 245
246 Boston College -2.721751701 246
247 Troy -2.782443609 247
248 Bradley -2.804571611 248
249 Lafayette -2.848717949 249
250 Montana State -2.919272727 250
251 Central Michigan -2.92059478 251
252 Sam Houston State -2.939835165 252
253 Marist -2.961522109 253
254 James Madison -2.982613636 254
255 Morgan State -2.988145299 255
256 Appalachian State -3.004060606 256
257 Santa Clara -3.007996795 257
258 Stephen F. Austin -3.061477273 258
259 North Carolina Central -3.065484848 259
260 Prairie View A&M -3.094970238 260
261 Missouri-Kansas City -3.099416667 261
262 Idaho State -3.119540816 262
263 Jacksonville State -3.150561594 263
264 UC Irvine -3.160631868 264
265 Eastern Illinois -3.192272727 265
266 Western Carolina -3.193872378 266
267 Southeastern Louisiana -3.238157895 267
268 Maine -3.252275 268
269 Miami (OH) -3.310825188 269
270 Stetson -3.376411565 270
271 Portland -3.398770053 271
272 Winthrop -3.466940994 272
273 Arizona State -3.482891156 273
274 Hofstra -3.541357725 274
275 Jackson State -3.5731 275
276 Central Arkansas -3.591776316 276
277 San Jose State -3.599298701 277
278 Utah -3.618928571 278
279 Army -3.651306818 279
280 South Dakota -3.710884354 280
281 Sacred Heart -3.745719064 281
282 Pepperdine -3.748855311 282
283 Northern Colorado -3.844048583 283
284 High Point -3.891103896 284
285 Monmouth -3.914117647 285
286 Texas-Pan American -3.934930124 286
287 Alabama State -3.938846154 287
288 Chattanooga -3.97515528 288
289 St. Peter's -3.999090909 289
290 IUPUI -4.01326087 290
291 Rhode Island -4.117585227 291
292 Presbyterian -4.118658425 292
293 Western Kentucky -4.185048701 293
294 Toledo -4.218770563 294
295 Houston Baptist -4.4031875 295
296 Jacksonville -4.500140056 296
297 Longwood -4.559183673 297
298 Maryland-Eastern Shore -4.568736842 298
299 Texas State -4.58609375 299
300 UIC -4.634571429 300
301 Delaware State -4.665240642 301
302 Florida International -4.6675 302
303 Nicholls State -4.69865 303
304 Alabama A&M -4.707013575 304
305 Pacific -4.82814011 305
306 Alcorn State -5.054776786 306
307 Loyola (Chicago) -5.11422619 307
308 New Hampshire -5.148725275 308
309 Arkansas-Pine Bluff -5.15056391 309
310 Northern Arizona -5.151733631 310
311 St. Francis (PA) -5.219553571 311
312 Liberty -5.227282609 312
313 Seattle -5.263589744 313
314 Hampton -5.271768707 314
315 Kennesaw State -5.282434211 315
316 Brown -5.28494898 316
317 Samford -5.30532967 317
318 Howard -5.310994398 318
319 Colgate -5.31752381 319
320 South Carolina State -5.3898125 320
321 Mount St. Mary's -5.430089286 321
322 Cal State Northridge -5.48562753 322
323 Florida A&M -5.512144886 323
324 Chicago State -5.531954887 324
325 William & Mary -5.587356979 325
326 Grambling State -5.673444444 326
327 Canisius -5.776162465 327
328 Dartmouth -5.78478125 328
329 Towson -5.943586957 329
330 Texas A&M-Corpus Christi -6.1495 330
331 Sacramento State -6.2015 331
332 Radford -6.69553125 332
333 Maryland-Baltimore County -6.892058824 333
334 Citadel -6.952570028 334
335 Louisiana-Monroe -6.978159091 335
336 Tennessee-Martin -7.087652174 336
337 Fairleigh Dickinson -7.161015038 337
338 SIU Edwardsville -7.175811966 338
339 Hartford -7.280714286 339
340 Bryant -7.667613636 340
341 Navy -7.838888889 341
342 Northern Illinois -8.526083591 342
343 UC Davis -9.002796053 343
344 Binghamton -10.26122449 344
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