The perfect computer ranking

Some of the issues surrounding the committee is that the process is opaque and there always seems to be a chance they’ll get it wrong. Could a computer ranking replace the committee? The Massey Composite is often listed for comparison here; could one of its more “accurate” rankings be used?

What would the “perfect” computer ranking look like?
1. Simple enough that hobbiests could calculate it without the need of a proprietary ESPN/FPI formula
2. Results similar to those of human (AP, for example) polls, not a Power/Vegas-line/predictive poll.
3. “Iterative”, one of the Massey Composite requirements; not just a formula, like RPI
4. Not the final say; a set of rules would need to augment the ranking to select any post-season field (ex. 2 highest ranked teams, then any conference champs ranked in the Top 6, then any at-larges remaining)

Sagarin has been popular because of USA Today and the BCS (some of those BCS ones were pretty horrible). Are there any other good ones we should keep our eyes on?