I had to come back to update on my situation. Yes, I believe SBMM is real. I recently hit Division 6. Now when I play Live Events, all my opponents are next level. My Gauntlet W/L ratio is currently 1/8. In some of the other events, I'm getting matched with people who have MULTIPLE "champions crown" upgraded players. The worst part of it is that they are sweaty, toxic players who only want to troll. I doubt they are having fun playing like that. If this continues, I'm just going to play Rush and Squad Battles exclusively.
Before, I heard a conspiracy theory regarding the CoD store/Warzone match-making. If you are not familiar with this, it's the theory that if you purchase a bundle from the store, you will be placed in a Warzone lobby with less-skilled opponents. I noticed that I was getting matches against players who had UEFA Prime players (shortly after they first dropped) and players with the newly released SBC, boosted players in their squads. Does anyone think this is happening in FC 26 as well?