For starters, you take a player. Let's say Kevin Cheng. Rated 791 and ranked at 29th in the world.
To keep it simple, you can just say that Kevin is a favorite vs any player 30-100, and an underdog to any player 28-1.
But it can be a little more complicated. For example, even though Kevin is a favorite against Darren Appleton (rated 790). In reality, he's only a 50.6% favorite in a race to 11. But against Maximillian Lechner (rated 764), he's a 66.8% favorite.
The favorites don't always win, and the underdogs don't always lose. It basically comes down to probabilities. If you've ever spent time at the poker table. Then you would know when you get your money in before the flop with AA you're only about a 4 to 1 favorite to double up. Except unlike poker, with Fargo Rate, probabilities can and do change as more data (games) are entered into the system.
Truthfully, I think you're just trolling with your post. If I'm wrong, then perhaps you can provide details on what you can't take serious.