This chart below represents skill. As the year is very young, the formula is very sensitive to wins/losses right now and will become more accurate as the year progresses. 

Key notes/variables:

1) Everyone starts at the same skill level for Madden 21

2) These rankings do not reset every season, they will only reset every annual Madden cycle

3) The more games played, the more accurate it will become

4) Playoff wins will increase ELO level more than regular season wins

5) You will gain more points by beating players with similar or higher ranks as you. Beating up on someone who is significantly lower than you on this ladder will give you less points per win. Vice versa, if you are low rated, you will lose less points per loss to someone ranked significantly higher than you.