The trouble with power rankings, of course, is that everybody who does one has a different definition of power. And the rankings that actually use meaningful stats to determine power also use complex formulas to assign different weights to each stat. The weighting is subjective, and the formulas are generally kept secret, which makes the whole exercise kind of pointless.
Speaking only for myself, I only have one good reason to read power rankings. They are the one place where a sports writer is forced to write something about all 30 teams. This means they can be a decent place to pick up tidbits of news about teams I don't normally follow. The rankings are fluff, but the stuff people write to justify the rankings can be quite informative.
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