be flawed? Specifically I am referring to any bias of the author(s) that created the formula(s) used to calculate the rankings.

For example the Anderson & Hester System, which was used by the BCS, claims its rankings provide the most accurate conference ratings. The Anderson & Hester System determines a conference rating based on its non-conference won-lost record and the difficulty of its non-conference schedule. There is the possibility that bias could unknowingly creep in on the formula used to calculate the "difficulty" of its non-conference schedule given the non-conference schedule only makes up 25-30% of the total schedule.