There are exponents available for turning college football points into a Pythagorean win percentage, but I'm more interested in another concept: second-order wins. That basically takes the same idea but uses advanced stats of some sort to determine not simply what you did score and allow, but what you should have scored and allowed.
My new ratings are based on margins in categories related to my Five Factors: efficiency, explosiveness, field position, finishing drives, turnovers/luck. As I flesh the system out with previous years of data, I'm able to basically use these margins to determine both what was your most likely scoring margin in a given game and, based on the plays that took place, your likelihood of winning a given game.
To further explain the second part of that last sentence, it basically says "If you took all the plays in this game, tossed them up in the air, and had them land in a random order, you'd win this game XX% of the time." It is a single-game win likelihood concept, and with it, we can look at wins and losses not as zeroes and ones, but as percentages. And if you're winning a lot of "You'd have won this game 60 percent of the time" games, you're probably getting a little bit lucky. And as with everything else, that luck is likely to change over time.
