I was able to get some further info on how the OVR team ratings are calculated:

The OVR ratings are normalized. So for instance with WISC being a 99 OVR, it just means they are one of the top teams. It only takes starters into consideration (Wisc has the best HB in the game).

Now I would personally argue that they're still overrated but at least now we have a better idea of why the ratings are what they are.