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As we all know, the Wizard Saints are ranked individually. However, the big question is, where does Makarov rank?
We know more about Walrod and Jura in terms of comparing strength. But we never know about Makarov's, who is one of the most prominent characters in the story. Or even Jellal for that matter.
Jura is said to be the 5th strongest after the timeskip, but we need to take into account that Makarov disappeared during the last 7 years. And if 342 is any indication, Makarov is still officially a Wizard Saint and no one has been regarded as worthy enough to replace him. In other words, there is some discrepancy about the rankings. If we include Makarov in the rankings, I think he would still outclass Jura, the 5th strongest (and I think he would agree too) since it had been implied many times that Makarov is one of the strongest Saints. So my guess is as follows:
4. Walrod Shiken
5. Makarov Dreyar
6. Jura Neekis
Jellal is probably somewhere around 7-8.
I don't think Jellal is a saint anymore, and that's part of why Jura moved up in rank. Jellal had to be stopped from going all out when they fought. Between the two of them, I think he's quite possibly the stronger. According to Jura himself, Jellal at least would have been the stronger of the two before the time skip. (I think. I kind of recall Jura once saying he was the weakest of the ten.)
But as for Makarov, that placement looks right. Jura didn't have to compete with Makarov to be recognized in universe as fifth and he lost to Laxus, who I doubt it better than his old man.
I think we need a better idea of what exactly it is that we're ranking. If it's purely in terms of fighting power then Walrod himself said that his magic isn't very suited to fighting and there are many people stronger than him, quite possibly even Jura too. If the rest of the top 3 are similar then Makarov could be in the top 3 in fighting power.
I think jura and gerard would have been roughly comparable before the timeskip. Both of them appeared similar in recent times although it did seem like gerard had a slight edge when he was about to use his strongest technique.
Anyways, I would indeed agree on makarov being overall stronger than jura even today. Jura is supposed to be as strong as gildarts so it kinda makes sense.
As for walrod, I think he was being modest. His magic might not be suited to fighting but there is also the chance that even if that is true he just has that much power anyways. We also have to consider his magic is basically the same or very similar to azuma's and his was pretty damn effective. Perhaps walrod just uses his own differently.
Jose.... not really counting on him to return later, but Mashima did surprise us a bit with Cobra. So, who knows?
Siegfried(Jellal) was a wizard saint when he only had half his power, the other half was with the Jellal that was in the tower of heaven, and so I'd say Jellal himself was stronger than Jura pre-timeskip, now they would be even with Jellal possibly in the lead(Jellal seems to be about the same as Laxus, who beat Jura)
1st- One of the 4 Kings of Ishgal
2nd- One of the 4 Kings of Ishgal
3rd- One of the 4 Kings of Ishgal
4th- One of the 4 Kings of Ishgal
5th- Jura Nekiss
6th- Makarov Dreyar
And so on....
But I do think think that Makarov would be much more powerful if it wasn't for his age and his health.
Officially, he is likely the 6th, after the 4 gods of Ishgar and Jura. In reality though, he should be 5th or if we were taking Warrod's statement of not being that strong literally, then he could even be 4th.