They already did this, in Seattle, and Cal won. It’s real, not theoretical.
Settle it on the field.
At least for these types of rankings. If you want to do a power ranking that tries to guess/establish which is the best team right now, track record and results be yewted, then go ahead. But that’s a different animal.
If actual wins and losses don’t matter, and it’s all about conjecture, hypothesis, opinion, reputation, and brand name, then what isn’t the point of playing the game?