Check it out:
http://www.usatoday.com/sports/sagarin/bkt0203.htm
Jeff Sagarin has a ratings system based on a chess scoring formula started by Elo. It has only lost out to the RPI 4 times since its inception.
For a more comprehensive explanation, go the the Sports Illustrated with Kobe Bryant on the cover (2 or 3 weeks ago).
Hail to Pitt!
Bill