I've been a very outspoken proponent of reducing the premier FBS division for many years now, but even if you pare it down to the top 50 or so teams it's still far too many for anything other than subjective ratings. Which I'm fine with. I don't care how well East Popcorn State plays this year, if they didn't play a tough enough schedule to make the claim of being the best, they're out.
East Popcorn State has a really good defense though! Haha! I love that! I'm going to put that in "Turquoise" for funny! East Popcorn State! Go Kernels!