ryandaniel, yes, this is basically how you'd have to do it if doing it by hand. Of course, your OWP should have the home/road multipliers applied to it, which makes it quite tedious.
However, for our purposes, a simple example ignoring the home/road factors for OWP and OOWP should be close enough. So, with this in mind, I looked at some Rupp data I have access to.
I chose E. Michigan, 20-8, RPI 135, SOS 306, RPI value = 0.5152, SOS value = 0.4464 as the 20-win SIM with the cupcake schedule
I also chose Arkansas (16-17record, playing in the ultra-dominant SEC ) as the 0.500 Big 6 team w/a human coach RPI 58, SOS 7, RPI = 0.5769, SOS = 0.6101
I made use of the relationships:
Eq. 1: RPI = 0.25*WP + 0.50*OWP + 0.25*OOWP, which, after some algebraic manipulation can be expressed as:
Eq. 2: RPI = 0.25*WP + 0.75*SOS
Since HD calculates RPI and SOS for us, we can easily calculate WP for any given team and this would take into account the home/road factors for a given team's WP.
So, for E. Michigan, we have Eq. 2 as 0.5152 = 0.25*WP + 0.75*0.4464, solving for WP gives WP = 0.7216. Next, I calculated OWP by adding up the wins and losses for E. Michigan's opponents from its Schedule page. Technically one should account for home/road wins/losses here, but I ignored this part for simplicity. EMU's opponents' aggregate win/loss record was 325 - 455, for an OWP of 0.4167. Now we can solve for OOWP using Eq. 1. Doing this, we find OOWP = 0.5058
In sum, for E. Michigan, we have WP = 0.7216, OWP = 0.4167, OOWP = 0.5058
Doing a similar exercise for Arkansas, we find WP = 0.4773, OWP = 0.5671, OOWP = 0.6961
So, if you're deciding to play E. Michigan or Arkansas, which benefits your RPI more (assuming you have an equal chance of beating each one)? Let's look at Eq. 1 again and we'll ignore the 0.25*WP factor in that equation since we're assuming you'd either win or lose vs. both of them, so that's a wash. Notice we'll have to "slide" WP, OWP, and OOWP each to the right b/c now we're looking at the impact of playing each of these teams on OUR team. We're not looking at things from EMU's or Arkansas's standpoint anymore.
For EMU, RPI impact = 0.5*OWP + 0.25*OOWP = 0.5*(0.7216) + 0.25*(0.4167) = 0.4650
For Arkansas, RPI impact = 0.5*(0.4773) + 0.25*(0.5671) = 0.3804
So, yes, as we kind of suspected, as far as your RPI goes, it's better to play the SIM with the soft schedule than a mediocre Big-6 school, but this assumes you can beat both teams, which may not be the case. However, I think looking at the formulas, if you lose to ARkansas but beat EMU, you end up hurting yourself even more because the first factor in the RPI equation is 0.25*WP. If you lose to Arkansas, your WP will be lower right off the bat vs. beating EMU.
Also, we have to account for the fact that this is just 1 game out of ~30 that you'll play in the season. It's not like you play EMU all 30 games or Arkansas all 30 games.
Lastly, notice that Arkansas's meatgrinder-like OOWP of 0.6961 doesn't affect your RPI at all in this exercise. The SEC is the deepest and most difficult conference, but this factor gets lost in the RPI impact for YOUR team in the calculations.
Anyhow, a thoughtful mathematical exercise here for sure. Thanks guys for the impetus to get me off my a$$ and work through the numbers after always wondering about this topic.
I may have messed up in my calculations or logic here, please point it out if you think this is the case.