The reasons events like the World Cup are far more interesting is because it's over a shorter period of time.
I think the problem here isn't the event but rather the sport. Something like snooker or tennis will offer the same brevity over the period but with chance playing a less significant role due to the number of games played per match.
That all said, if my years of watching snooker has taught me anything, it's that people are not machines and thus will perform vastly different from day to day depending on how what mood they're in.
Analytically the difference between premier league and the world cup is that you have momentum and continuity in the premier league and the world cup is essentially one shot. So in the PL team A will play team E and G and H before it plays team B, team B may play team E and H and Q (which played G). Team A may be winning games that your strength model shows they should lose, Team B may be losing games... and so on and so on. There is more evidence that might matter. More importantly you can be wrong quite a lot of the time in a season and still be right at the end of it (as the bounces of the ball even out over time). Not so much in the world cup - one goal knocks you out and there is no coming back! Basically the world cup demands an algorithm that works with less evidence and with a much higher degree of accuracy.
Can you give us some examples?
In the NBA, NHL, or MLB, seven game series tend to even out the variance, so the best team usually wins. And even in NCAA basketball, there's enough scoring that any individual play loses significance.