I think the "selection committee" should be a handful of math nerds like Massey/KenPom/Steele/etc. They get together and decide on a purely objective ranking formula BEFORE THE SEASON STARTS, and release the exact formula to the media so the process is totally transparent. This eliminates all forms of bias, and no one can complain about being unfairly left out.

Do the same thing for the NCAA Basketball tourney while you're at it also.