In my opinion, it shouldn't be solely who you've beaten, or who you've lost to, but a total opinion of how good you are. Simply put, if everything is factored in, and it's assumed you could beat a team, you should be ranked ahead of that team. I realize there is a human element involved and people's opinions, but I think most people would concede that LSU could beat OSU and OSU shouldn't be ranked ahead of them because they beat two "#2 ranked" teams. Just my $.02.
The SMART era CONTINUES!!!!!!