Yeah. So Bluenote was as strong as Gildarts was, and Natsu cloberred him. Natsu's at least as strong as pre-timeskip Gildarts.
Sandking seems to have the upper hand on Natsu right now, and Sandking is supposed to be about as strong as God Serena. From what we saw today, Laxus is at least comparable with him. Neither broke a sweat.
So if Natsu is perhaps stronger than Gildarts once was, and Laxus is as strong as the best in the nation around 1 year ago, then Gildarts is...... ?!
I'm assuming all these FT dudes train their asses off, or otherwise continue to improve. As strong as these guys get, there has never really been a long-lasting upset in relative ranking amongst our main cast, with the exception of Cana getting a boost during the Games when she got given/taught Fairy Glitter. Mavis said Cana had talent, but nothing else has suggested she'll continue to master Fairy magic.
It's still (Gildarts > ) Laxus > Erza/Mira > Natsu/Gray/Gajeel > everyone else.
Makarov is different in that he's old and was also living in enemy territory during this time.