I actually found an older tier I made before the present edition came out. Perhaps, this will give some incite into how the armies fair in the new edition too.
Wan Shi Tong wrote:
I think we could look at Total War: Warhammer for a framework with the army lists that could have the most versatility of builds, direct combat strength, and lower points cost being in the top tier and working down to the ones that are niche one trick ponies. I don't think a power ranking would be purely based on tournament wins which has a large amount to do with the players, terrain, and other variables. But rather how easily each army list could built a list to meet an given number of situations. A rough outline would be something like this.
Tier 1: Iron Hills, Lothlorien, Azog's Legion, Mordor, Isenguard, Erebor Reclaimed, and Harad/Umbar
Tier 2: Gondor, Arnor, Rivendell and Eregion, Moria, Goblin Town, Thranduil's Halls Survivor's of Laketown, Rivendell Knights, Smaug the Golden and Rohan
Tier 3: the Shire, Angmar, Fiefdoms, Rhun, Durin's Folk, Numenor, Dale, Laketown Guard, and the White Council
Tier 4: Denizens of Mirkwood and Wonders in the Wild