Since you are posting here, I will assume you are using the free MSTW League Manage and are not using the LM Add-ons. (Your options are a bit different with the Add-ons.) If you are using the LM Add-ons, please create a new thread on shoalsummitsolutions.com LM support forum.
Some questions (for the free MSTW League Manager on this site):
1. Did you update the settings for Standings? (Remember standings settings are set by SPORT, not league.) I did you update the records for the teams in your league and include the fields that you want to display (including Rank)?
2. Did you update the settings for the Standings Tables and indicate what fields you want to display and what order you want to arrange them? (Again these settings are set by SPORT.)
There is some pretty good documentation on League Standings tables in the Users Manuals on shoalsummitsolutions.com. If you are an MSTW Gold Support member, there is also a video tutorial available on standings tables.
-Mark