Seasons Mode Player Star Rating

I’ve been playing seasons mode for quite a few seasons now. I’ve made it as high as sixth division,  and I’ve got a star rating of 3.5. But I don’t actually have a very good record. I’ve got a record of 87 wins, 33 ties and 195 losses, so I’ve lost way more than I’ve won, despite a few solid streaks. So, I’m confused about my star rating. It seems high! Feels like I should be 2 stars or something instead. Does anyone understand how the star rating is built up?