If you follow Adam McClintock on twitter he does a pretty good job of breaking things down. Here is his thread on last nights rankings:
Thing about this system, and he seems to be pretty accurate, is that it says that Michigan has 5 quality wins (teams above .500) and we have two. But here are Michigan's five quality wins: New Mexico, Central Michigan, Nebraska, Washington, Northwestern. Let's say that Texas's 2 quality wins, which are much stronger than Michigan's, cancel out Michigan's top 2. That means the committee is ranking Michigan over Texas because their lower tier OOC teams are good at beating other lower-tier teams, and Northwestern is 6-4 while Kentucky or Miss St is 5-6. If that's the case then we are doing this all wrong.
Also, I want to mention that Game Control seems to have an important role in all this. Sark is going to have to adapt, and keep the pedal down. If the committee seems to value this metric, so it needs to be factored in to the team strategy.