1. Nominate 200 sportswriters/media members and 200 former players/coaches to be voters. 40 of each will be selected, for a total voting body of 80. To narrow down to 40 of each, there will be an auction system, with each nominee bidding for a spot. Voters may be paid an amount per week for their ballots that will encourage careful consideration -- say, $1000 -- and may bid up to the amount equal to the number of ballots for the season multiplied by the weekly pay rate. If the number of nominees bidding the maximum amount exceeds the number of voter slots available, then voters will be chosen from among the highest bidders by random. Voters may not serve more than one out of every five years.
2. By noon the Monday before the season begins and every Tuesday after games are played, each voter will turn in a ballot of 40 teams ranked in order. For the purposes of determining payment, each team after #40 in the overall rankings will be considered unranked.
3. If two teams ranked by a voter play, and a lower ranked team wins, or if an unranked team beats a ranked team, then that voter forfeits payment for the week in which the ballot was submitted. The voters who ranked the winning teams higher will collect the payments lost by the voters who ranked incorrectly.
If multiple ranked teams play each other, voters will receive proportional payments based on how they did compared to each other. For example, if hypothetically there were ten games in a particular week, and each voter was paid $1000 per week, then each game would be worth $100; if only one voter ranked correctly for a particular game, then that voter would collect one-tenth of the weekly payments from every other voter -- $1000 dollars, in addition to any other correctly chosen games.
4. The final rankings before bowl selections are worth triple the usually weekly payments.