Unless they take into account modern things like travel time (was probably a bigger factor decades ago with fewer connecting and long-distance flights), ref nationality (used to be a huge point of contention for accusations of favoritism, now probably less so because of video), VAR (maybe some teams are better at getting away with dirty tricks than others, but now can't with video review), etc.
I'm sure an accurate model has to be updated as culture and technology changes and impacts the game itself.