I brought this up here and it was left unresolved.
It seems the formula is more like: (Attacking Soldiers * (.2520-.7875) * Victory^), instead of (Attacking Soldiers * (25.20-78.75) * Victory^).
Also, loot gained when there are no defending soldiers was nerfed considerably during the missile update. I'm assuming this is because the formula that was in the game pre-update was a different formula than what sheepy thought was actually there, so when he went to update it, that part became updated, too, but in doing so, the post-updated formula (for no defending soldiers) is one that now gives less loot. This is unfortunate since sheepy intended to increase war loot.