Notas Salvajes should be ranked ahead of FaZe Clan.
1
Looking at that chart, it looks as though it's ranking by Number of Wins and then (likely) by their previous comparison; the games are being played at different times, not at the same time, so the reshuffling of the teams only occurs when a single game is played (thus only two teams being compared at a time). The other options (then by Elo, then by Number of Games, and then by Alphabetical) don't follow the rules.
So, based on what I see, when a game is resolved, it checks to see if the next team up (on win) has a higher number of wins and if the next team down (on loss) has a fewer number of wins. That's why your team jumped up to first on their last win.
However, I could be entirely wrong and there's another algorithm being applied...
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The ordering should be correct and intuitive now.
It first orders by win/losses ratio. If there are 0 wins, it orders by least losses. If there are 0 losses it orders by most wins.