Here are my thoughts....

1st place gets 5 wins
2nd place gets 4 wins
3rd place gets 5 wins
4th place gets 4 wins
5th place gets 6 wins
6th place gets 5 wins
7th place gets 4 wins
8th place gets 3 wins
r12 gets 3 wins

Those look to be close to the amount of wins a wrestler will get for each placement.

Now, since I have stats for all matches throughout the season, I know what each wrestlers bonus percentage is per match won.

Next, take the maximum number of bonus points per match (2), multiplied by the wrestlers bonus percentage, to get possible bonus per match, then multiply that by the number of wins they would potentially get.

I have NOT run the numbers yet to see what that would look like for each wrestler, but it sounds like it would be pretty accurate from a high level.

Then you can add in the average number of advancment points per placement, plus placement points and you get a pretty good idea for each wrestler.

For advancement points, it's also pretty easy to calculate
1st and 2nd get (is it 4 or 5 advancement)
3rd gets ....
4th....
R12 gets ....
R16 get ....
everyone else (ranked 17 thru 33rd) get an average of 1

Let me know your thoughts on this model.