The rankings are fine. I think the issue, however, is everyone has a different idea on how the points should be distributed. Some are against the points for losing, and some aren't. 

After talking with Skallagrim, and reading what's here. I'm thinking this may be the best course. 

Gain of 10% of losers total. Losers lose nothing in the exchange, but gain potentially valuable experience for their next fight.

We'll keep the current point standings, and to calculate 10%, we can round up/down(103, for say 1025), you get the idea.

End of the year, we'll reset the points to start a new season.

Skallagrim proposed a off season of 2 months; that'll disrupt the tournaments, I imagine, but we can find a work around for that.

I'm also thinking that maybe you have to fight through the whole roster, to ensure everyone gets to fight everyone, instead of just the same people over and over again; as well as preventing people from fighting less capable fighters to pad the points.