College Football RPI: A Better Ranking System

I've come up with a ranking system for college football similar to the RPI system for college basketball. There are a few slight modifications though. I've scaled wins and losses based on margin of victory, opponent strength, and home field advantage. I used this adjust winning percentage as a portion of each schools score. I also used opponents' winning percentage and opponents' opponents' winning percentage.

There are some quirks. Arkansas is seemingly ranked way to high, but they did play one of the hardest schedules, played good teams closely, and blew out most others. Some notes: margin of victory was capped at 28 points, FCS wins do not count, FCS losses are counted as two losses, and scores are normalized so that the top team has a score of one. 

FBS Top 25

Team	RPI	Rank
Alabama	1	1
Texas	0.96611359	2
TCU	0.954126025	3
Florida	0.928376671	4
Boise St.	0.882441592	5
Virginia Tech	0.864969632	6
Cincinnati	0.85391842	7
Oregon	0.852508696	8
Ohio St.	0.818754369	9
Penn St.	0.772994182	10
Pittsburgh	0.759866167	11
Arkansas	0.753929983	12
Oklahoma	0.753427051	13
Iowa	0.730011134	14
Texas Tech	0.715341561	15
Georgia Tech	0.706509126	16
Miami (Fla.)	0.701350895	17
LSU	0.692751299	18
Arizona	0.689305337	19
Oregon St.	0.687882734	20
Auburn	0.685788656	21
Stanford	0.683491536	22
Central Mich.	0.682150507	23
Nebraska	0.679278852	24
West Virginia	0.675429845	25