Well, since you guys generally dislike my ideas, I have come up with a new one. And you're the first I'm announcing it to (: I'm not sure if I will always have the time to maintain them, but I'm at least going to get a few months done. Here is how they work: If a country plays a country with more wealth/population and wins they will receive a win, the losing country will receive a loss. If a country defeats another country that is moderately smaller than them they will receive a win, but the losing country will not receive a loss. This is a primitive idea, but I think it may be pretty accurate, let's see how it goes. I will use most men's team sports.
some possible problems i see with this idea:
1. too few matches in some sports, and unbalanced because some sports are played less than others
2. some sports are harder to organize, especially those with more players on the field, because they require more resources and skill. i have no weight system for sports that require more resources
3. the common problem of teams that often play harder teams suffering unfairly with winning percentage that elo rankings try to solve, but i don't think it will be as big of an issue as with regular ranking because wealth/population is taken into consideration. some regions certainly have more efficient sports culture though, so it could still be an issue
4. typical mathematical problem when comparing and using available populations because of the disparity of the numbers in many cases
5. very small countries have few opponents that qualify to give them a loss
edit: i have decided to try elo rankings based on matches played by countries of relatively the same population/wealth instead.