Sure, in general the Elo system is a way to measure teams against one another. This is a zero-sum rating system which means the average across all teams will always be 1500.
The basics are if you win you get points and if you lose you lose points. There are modifiers about how many points you gain and lose depending if the teams are closely rated and the margin of victory. Each year the team values are regressed to the mean. (I use a 25% based on 4 classes of recruits)
The scores take a few seasons to normalize and should be starting to reflect the value of the teams as this is third season I've done them.
All in all it is just one way to rank the teams and conference relative to each other. I like numbers and wanted to continue what Naskin worked on a number of seasons ago.