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From what I can tell:
++ means a team jumped 3 spots or more in the power rankings
+ means a team jumped 1-2 spots
o means no change
- means a team lost 1-2 spots
-- means a team lost 3 or more spots
Yes, it's based on wins and losses, but also team ERA, team batting average and I think Pythag record.
It's an arbitrary "power" ranking.
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GUBA: Moscow Enforcers
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