college rankings are bunk, are they not?

I agree. The BCS is bunk but I gotta go with the AP poll for now. Its the lesser of all the evils.

Since you've apparently already decided the answer from the way you've phrased your question, I'll just agree.

But if your argument that this season has far more upsets than usual, you're implying that most seasons don't have as many upsets...which kinda contradicts your assumption that rankins are "bunk."

Rankings are unreliable to some extent. On the whole, though, historically-speaking, usually the best teams in the country will show up in the rankings at the end of the season. They're not entirely bunk, really.

If the ranking system was used honestly instead of biased it would be perfect. Until something better comes along, that's all we have. When people bet they are gambling, right? Rankings don't guarantee anything. Too many things can come into play that changes the outcome of the games. Forget gambling and get real jobs.