The beginning of the conclusion of the original study [1] is worth repeating:
No one should try to reform or rehabilitate the ranking. It is irredeemable. In Colin Diver’s memorable formulation, “Trying to rank institutions of higher education is a little like trying to rank religions or philosophies. The entire enterprise is flawed, not only in detail but also in conception.”
Students are poorly served by rankings. To be sure, they need information when applying to colleges, but rankings provide the wrong information. As many critics have observed, every student has distinctive needs, and what universities offer is far too complex to be projected to a single parameter. These observations may partly reflect the view that the goal of education should be self-discovery and self-fashioning as much as vocational training. Even those who dismiss this view as airy and impractical, however, must acknowledge that any ranking is a composite of factors, not all of which pertain to everyone. A prospective engineering student who chooses the 46th-ranked school over the 47th, for example, would be making a mistake if the advantage of the 46th school is its smaller average class sizes. For small average class sizes are typically the result of offering more upper-level courses in the arts and humanities, which our engineering student likely will not take at all.
[1]: http://www.math.columbia.edu/~thaddeus/ranking/investigation... (section 8)