If it was up to me, for university admissions there would be a public clear and objective scoring system, based for example only on grades and then use a lottery system weighted inversely by income. No more essays and subjective values, silly extracurriculars or race involved (it's already somehow accounted for in the income).
Not sure you want that, because then you end up with something like the Iowa system. (Basically, everyone is admitted, because every school optimizes for getting the required score. It's nigh impossible to graduate high school in Iowa WITHOUT the required 245 points for the Iowa schools.) Giving an explicit formula for scoring, along with a required score, has historically been the same as letting everyone in, becaus…
Score = (score from exam at the school you want to go to * 2 + GPA + high school Math grade) / 4
That’s for engineering school. Every school has a different formula and holds its own exams. But the formula is public.
Sort all candidates, draw a line. When some of the selected people chose different schools, draw another line after a month.
We didn’t have an equivalent of SAT. But it can easily be plugged in a formula like this. There’s no studying to the test, since every school has a different test.