Thinking a bit further about the concept of "bias" and the potential reply "come up with your own formula then."....
Suppose one responds, "well, we'll keep your formula as far as it goes and then add to it those additional elements we think are important."
As I understand it, the formula emphasizes wins and the development of outstanding players.
Happy, hypothetically, might say "there's no room for tradition. I think we should add 'tradition' as a category too."
Okay, so how do you measure that? "maybe by how long a program has been around."
OKay, so how do you score that? "maybe by taking the current year (2012) and subtracting the first year of the program (1897, say) to get 115.
Fine so do that for all the schools. "umm...okay."
and then along the way our hypothetical Happy notices two things (1) a lot of those Eastern schools have been around a long time too and (2) some of them have gaps in their program. So he decides to refine his 'tradition' score by adding a factor for continuous program duration: 100% for longest stretch of continuous years + 50% of 2nd longest stretch + 25% of third longest stretch, and we add this to the other number to get a total 'tradition' score.
Then we weight FS23's results by some number (say 90%) and the 'tradition' score by 10% (to equal 100%) to get a new series of results, which Happy could call "The Greatest Programs of All Time (when you include tradition)."