The ranking system just got some of the fixes, but not all the necessary fixes.
I also covered your described problem
HERE with screenshot of my own.
There, 57th position is occupied with a player who is lvl21 and who has 18 wins and 206 losses. (I'm 2 ranks below him, at 59th position.)
I'm not sure exactly what was done with rankings list but as far as i've seen, logging out and logging back in doesn't affect your ranking anymore like it did before.
Also, Mike5Mike isn't anymore the holy #1 player in the (somewhat fixed) rankings list.
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Aeacus