Brad, the rankings are compiled every Sunday morning. I take input from any coaches that submit their thoughts and comments and then use a "rationalized" system for the rankings:

1) Overall Record including Tournaments
2) Strength-of-Schedule
3) Notable Wins
4) Head-to-Head Competition
5) Losses to non-ranked opponents
6) Region Record and Finish
7) Etc.

Of course at this stage of the season, as harsh as it may seem, the only teams ranked in the top four can be your semifinalists. From there, I rank the teams based on their season's performance in order.

Hope this helps!