Derek Richey has developed a system to rank clubs. It takes into account both domestic and international matches played by the club in 2007. Only the first 100 are included in this list. Some eye openers as Bossman points out, AC Milan is ranked 28th with Hamburger and Bordeaux ranked above it. I wonder if league strength is something that Derek looked into similar to the BCS rankings that rate college football in the USA. The Bundesliga and Ligue1 is consistently rated lower than the Serie, so the AC Milan ranking would be an outlier even though they are well off their pace.
1 Real Madrid SPA 106
Internazionale ITA 106
3 FC Barcelona SPA 104
4 Manchester Utd ENG 102
5 Arsenal ENG 101
6 Chelsea ENG 99
7 Olympique Lyon FRA 98
8 Villarreal CF SPA 96.5
9 Santos BRA 96
AS Roma ITA 96
11 Bayern München GER 95
Boca Juniors ARG 95
13 Hamburger SV GER 92.5
14 Werder Bremen GER 92
15 FC Porto POR 91
16 Girondins Bordeaux FRA 90.5
17 Atlético Madrid SPA 89.5
18 São Paulo FC BRA 89
Liverpool ENG 89
20 Flamengo BRA 85
AS Nancy FRA 85
22 Valencia CF SPA 84
23 Bayer Leverkusen GER 82.5
24 Juventus ITA 82
PSV Eindhoven NED 82
RCD Espanyol SPA 82
Osasuna SPA 82
28 AC Milan ITA 81
29 Grêmio BRA 79
Fiorentina ITA 79
Toluca MEX 79
CF América MEX 79
33 Getafe CF SPA 78.5
34 Manchester City ENG 78
Udinese ITA 78
Racing Santander SPA 78
Benfica POR 78
Sevilla FC SPA 78
39 Everton ENG 76.5
40 Celtic SCO 76
RCD Mallorca SPA 76
Schalke 04 GER 76
43 Lanús ARG 75
Portsmouth ENG 75
Le Mans FRA 75
46 Karlsruher SC GER 74
Real Zaragoza SPA 74
48 Galatasaray TUR 73
49 Aston Villa ENG 72
50 Rangers SCO 71
51 Tigre ARG 70
Valenciennes FRA 70
Atalanta ITA 70
Santos Laguna MEX 70
Guadalajara MEX 70
Ajax NED 70
57 Slavia Praha CZE 69
Blackburn ENG 69
Athletic Bilbao SPA 69
Fenerbahçe TUR 69
61 Houston Dynamo USA 68
62 VfB Stuttgart GER 67
63 Fluminense-RJ BRA 66
Hannover 96 GER 66
Sampdoria ITA 66
66 OGC Nice FRA 65
Feyenoord NED 65
Vitória Guimarães POR 65
Sivasspor TUR 65
70 Banfield ARG 64
Atlante MEX 64
72 Cruzeiro BRA 63
West Ham ENG 63
74 Rennes FRA 62
75 Besiktas TUR 61
N England Revolution USA 61
Sporting CP POR 61
78 Argentinos Juniors ARG 60
Newcastle ENG 60
Hertha BSC GER 60
SC Heerenveen NED 60
Hibernian SCO 60
UD Almería SPA 60
84 Napoli ITA 58
Real San Luis MEX 58
SK Brann NOR 58
87 Palmeiras BRA 57
Birmingham ENG 57
Sporting Braga POR 57
Real Valladolid SPA 57
Chivas USA USA 57
92 Eintracht Frankfurt GER 56
DC United USA 56
94 Club Brugge BEL 55
Internacional BRA 55
FK Teplice CZE 55
Tottenham ENG 55
AS Monaco FRA 55
FC Twente NED 55
Vitória Setúbal POR 55