This past off-season, ESPN unveiled a new feature called the Football Power Index rankings for the upcoming season. This will be something that is calculated and updated daily throughout the season. Here is the criteria that determines the FPI per ESPN:
The Football Power Index (FPI) is a measure of team strength that is meant to be the best predictor of a team's performance going forward for the rest of the season. FPI represents how many points above or below average a team is. Projected results are based on 10,000 simulations of the rest of the season using FPI, results to date, and the remaining schedule.