Offense = wOBA (park-corrected), eRS (estimated runs scored; wRC from FanGraphs, then park adjusted)
Pitching = tRA and tRns are a home-brew version of Graham MacAree's statistic.
Fielding = Fld: average of bUZR (from FanGraphs) and THT's batted balls statistic (converted to runs)
eRA (estimated runs allowed) = Pitching - Fielding
eW%lg = estimated winning percentage within the specific league (AL or NL)
LgAdj = league adjustment (bonus to AL teams, penalty to NL teams, because the AL has superior level of play)
eW% = estimated winning percentage if all teams were in one league (after league adjustment)
Methods provided in more detail in the first post in this series

Team Leaders (asterisks indicate teams improving in specific ranking):

American League
Offense (wOBA): Yankees, Rays, Angels
Pitching (tRA): Red Sox*, White Sox, Royals
Fielding (Fld): Mariners*, Rangers, Rays

National League
Offense (wOBA): Phillies, Dodgers, Brewers
Pitching (tRA): Rockies, Braves, Diamondbacks*
Fielding (Fld): Pirates, Giants*, Reds

"On Paper" Playoff Leaders (asterisks indicate new leaders):

American League: E=Rays, C=White Sox, W=Angels, WC=Yankees
National League: E=Phillies, C=Brewers, W=Dodgers, WC=Rockies

This Week's Movers:

Despite the rankings' week off during the week of the all-star break, we had no changes in the on-paper division leaders, and no changes in our top 4 teams in the rankings--things may be starting to stabilize as we enter the second half of the season.

Nevertheless, a few teams moved substantially up or down in our rankings.  The largest ascent was by the Oakland Athletics, who surged upwards to 17th in our rankings, overtaking Baltimore as the worst-ranked AL team.  I know, I know, the league adjustment seem over-the-top (despite appearances, we may actually be conservative!).  Still, this A's team is showing signs of life after being surprisingly weak all season long.  The offense is up 6 points in wOBA, helped by the dramatic comeback Monday night.  Pitching is also up 7 points of tRA (despite Monday's game), and even the fielding is improved by four runs compared to two weeks ago.  They've only been a 0.500 team over the last 8 games, but that's better than they've been able to say most of the year.

Other improvements were by the Rockies and the Astros.  The Rockies continue to be our on-paper leaders for the wild card, and they're playing like it, just overtaking the Giants for second in the NL West (and the wild card lead).  On June 3rd, this team was 20-32, and have since gone 31-11 as they launched themselves onto the scene.  My version of tRA still ranks the Rockies pitching staff as best in the National League, and we're seeing some of that manifested in their success over the past month and a half.

The Astros were in the basement, but have been playing better over the past several weeks and have pushed themselves over the 0.500 mark.  I don't know if they'll continue this success (still not sure I believe in Wandy Rodriguez, among others), and I find it hard to believe that they can outlast the Brewers (among other teams), but it's hard to count a team with Oswalt and Berkman out.

Falling in this weeks' update are the Royals and the Mets.  The Royals' slide has been frequent conservation in these rankings, so I'm not going to talk about them further--it's just losing streak after losing streak these days.  The Mets just are imploding.  Injuries hurt them, but I personally think it's all Carlos Beltran's fault.  The guy just has no edge. 

I also wanted to take a moment to mourn what's happening with my Reds, who have slipped to second-to-last in the rankings behind the...Nationals.  At least Jim Bowden isn't employed over there anymore, though I'm sure that a) he reads this and b) he's gloating.  Bastard.

Actual vs Expected Performances

Below are actual vs expected winning percentages, runs scored, and runs allowed.  When a team's ranking deviates substantially from their actual performance (e.g. the Giants), this table will hopefully help you see the cause.