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Not really.
Rewards used to be 5 greens per tournament (I don’t count reds and blues) and 100 tokens for staying in Platinum. So 20 greens and 100 tokens per season.
Now it is 16 tokens per tournament and 10 greens for staying in platinum. So 10 greens plus 64 tokens per season.
But...
With 4 1st places you will be promoted to Diamond and after that you will be promoted to Ultimate.
Rewards in Diamond: 30 tokens per tournament and 10 greens for staying at level. So 10 greens and 120 tokens per season.
Rewards in Ultimate: 47 tokens per tournament and 10 greens for staying at level. So 10 greens and 188 tokens per season.
Note that I do not count the extra 10 greens for promotion. These are one-time only rewards.
Playing in Ultimate is very rewarding even a 4th place gives 31 tokens.
What do you mean by 1/16? Weekly tournaments are with 4 associations, as before. With equal quality teams, chances of winning are 1/4.
Season rankings are determined with 64 teams, so chances of getting an overall 1st place are 1/64. But there are no rewards for the overall 1st place.
4 FA groups of weekly tournaments and 4 weeks of tournament thats 16 groups involved to get the token rewards. and about 64 FAs they consider them as league table top 21 gets promoted to the next FA div mid 21 stays in the div and the bottom 22 demotes (hypothetical scenario).