Despite its hopelessly flawed methodology, U.S. News & World Report continues to sell magazines with its lists of Top 25 or Top 100 universities in various categories. Some universities who don’t play along, like Reed College, have long suspected that their rankings are penalized. So I enjoyed this press release from Reed College about statistics students who reverse-engineered the rankings to measure the magnitude of this penalty. The results are startling: while Reed was officially ranked #90, the formula should have them at about #38. In one glaring example, the magazine underestimated the college’s financial resources by over 100 spots even though this information the magazine could have obtained this information from free government databases instead of their survey.