This needs to get sorted out. The 'Reputation' seems to be connected to how big the club is. This puts me in mind of the betting too. At the beginning of every season, you can guarantee that the bookies always pick the same teams as favorites for titles, and relegation. This does not take into account how well a team might be playing - or not playing.
So, in other words, the bookies odds do not change from one week to the next. This is unrealistic and needs to be looked at. Don't just base the reputation of a club on its history, but also base it on the results that club is picking up week to week.
I fm 09 [ or maybe in the next patch for 08] why don't SI really look at this and sort out the bookies odds, make them realistic.