Yes... Sagarin, as of now, uses last year's results and in a segment of the computation it uses this year's schedule. No matter what, it is a double and triple whammy of last year's ratings and margins of victory against last year's ratings. Sagarin carries over from last year and then starts computing this year's results to establish new ratings as the season moves on.
If you take our 110 rating, it would still have us going 7-5 against our opponents this season. If we ever expect to leap up in a mathematical rating system (or any system for that matter), we are going to have to beat the snot out of everyone in the SBC and upset some highly rated teams. Despite our great season, we did not do that last year.