Yes, that is how they do it every year. This year, very few people are submitting their response sheets. I mean, really, very few. Previously, there would be 30k up submissions. But this year, more than 2 weeks have passed since the predictor was launched and only 5.2K submissions.
As to how they calculate the rank, I think they first calculate the top 0.1%, then estimate a cut off and put it into the score formula. Then they map that score to a rank, as score v rank is usually stable throughout the years.