After all this yack, I've been curious about the Sagarin Rating system for years, so I've spent an hour or so playing with mathematica, trying to determine what's going on, actually.
This graph expresses it about as well as anything I've seen.
This is only the first 100; it looks the same, basically, for all 247 teams...
The "overall rank" CLOSELY matches the PREDICTOR model.
ELO rank seems to have a very loose corelation. Mathematica choked on the data, but on a smaller data set, the final rank seems to be something like
rank = predictor * 0.85 + elo * 0.10 + sched * 0.05
This isn't exactly right; you can see from the graph that the function is curvilinear, but it's a "good enough approximation" for discussion.
SCHEDule strength doesn't matter much, really.
SCHED and ELO do seem to have some co-relation.
So, from this chart, I think two things jump off the page at me....
There's no need to schedule a particularly hard schedule if you want to rank well on Sagarin's rating system. However, margin of victory does play into the PREDICTOR model, so I think you might actually benefit a bit from having a weaker schedule; blow the other guys out, and you'll do well in PREDICTOR.
The BCS uses ELO, so right now schedule does matter... but only a little.
GO BOBCATS!
-john