I've often thought about a system like this. The NUTS folks might be in a reasonable position to coordinate the results entry, I imagine TDs entering the match scores for their events once complete. I don't know much about how the BCS ratings work, but think that asking all sports journalists to vote on who's best is not a good model (but that's still a part of the calculation today, is it not ? ). A better model would be something like the Sony rankings for golfers. These kinds average results over a year or 18 months, so you might have to 'seed' the players initially (or maybe not) and then wait for some time to pass and results to accumulate. In other words you'd have to enter data for a year before the rankings had much meaning.
This is also a great application for our friend, the world wide web ... it wouldn't be a lot of effort to create and maintain as a system, assuming a web-based application. Some effort on the part of the various TDs to do the data entry, but worthwhile imo. And last but not least, the development of the formula would be difficult.
I believe that this kind of ranking would add a great deal to the sport. The general public likes to be told who's #1 and who's #2, who's climbing fast and who's falling off the charts, Calgary players are better than Winnipeg players, etc. It gives everyone a frame of reference for the arguments
Dave