I think I've mentioned the Colley Matrix before. Although I don't claim to know the full algorithm, I like the Colley ranking method because it does away with ignorant biases. It ranks teams on their W/L record firstly, and then on the quality of competition that each team has played, where that quality is also based only on W's and L's -- hence a matrix. Obviously, the more games played, the more representative the ranking becomes, which is how it should be.
Current Colley rankings:
http://www.colleyrankings.com/currank.html
1. LSU 0.878199 3-0 0.630331: 10 0 2 W: #35 Mississippi St
2. Northwe 0.862024 4-0 0.543035: 47 0 2 W: #34 Stanford
3. Florida 0.845348 4-0 0.518022: 65 1 1 W: #24 Kentucky
4. Utah 0.840894 4-0 0.511340: 73 0 1 W: #30 Michigan
5. UCLA 0.840156 4-0 0.510234: 74 0 2 W: #44 Arizona
6. Tex A&M 0.839767 4-0 0.509651: 76 0 0 W: #64 Nevada
7. Oklahom 0.838953 3-0 0.564921: 31 0 1 W: #47 Tulsa
8. Indiana 0.832386 4-0 0.498578: 82 0 1 W: #36 West Kentucky
9. Ohio St 0.828023 4-0 0.492034: 85 0 0 W: #58 Hawaii
10. TCU 0.823747 4-0 0.485621: 93 0 2 W: #31 Minnesota
11. Mich St 0.817695 4-0 0.476542: 98 0 0 W: #56 Air Force
12. Temple 0.805164 3-0 0.508607: 77 0 1 W: #38 Penn St
13. NC State 0.804201 4-0 0.456301: 105 0 0 W: #81 South Alabama
14. Miss 0.799509 4-0 0.449264: 111 1 1 W: #25 Alabama
15. Notre D 0.785388 4-0 0.428082: 119 0 0 W: #72 Georgia Tech
16. Georgia 0.773922 4-0 0.410883: 127 0 0 W: #60 South Carolina
17. Florida St 0.771239 3-0 0.452064: 108 0 0 W: #53 Boston Coll
18. West Va 0.758184 3-0 0.430306: 118 0 1 W: #48 Georgia Southern
19. Iowa 0.756532 4-0 0.384798: 134 0 0 W: #51 Pittsburgh
20. California 0.754774 4-0 0.382161: 138 0 0 W: #76 Washington
21. Toledo 0.753773 3-0 0.422955: 122 0 0 W: #88 Arkansas
22. Navy 0.746298 3-0 0.410497: 128 0 0 W: #61 East Carolina
23. Memphis 0.736510 4-0 0.354764: 145 0 0 W: #68 Bowling Green
24. Kentucky 0.735460 3-1 0.603190: 14 0 1 W: #45 Missouri
25. Alabama 0.734545 3-1 0.601818: 16 0 1 W: #37 Wisconsin