There is almost nothing remotely objective about this list.
To wit: one of the main factors in final ranking is VH1.
They do a big special on the list every year. Maxim will put together a working draft of the list, and then work with VH1 to "finalize" the rankings.
The VH1 guys will review the list with an eye on which women they can get interviews with. Let's say Maxim originally has Lohan, Fergie and Alba as 1-2-3. If VH1 knows it can get a piece on all three of them but not, say, some random model that's also on the list, they will ask Maxim to break up Lohan, Fergie and Alba so that it plays better in the final production of the show.
VH1 will only have "time" to do so many highlight pieces on individual women in the special. So they want to be able to spread out the ones they do. That way the show can have a natural progression from #100 on down to #1. It would be stupid if they highlighted #100, #99 and #98 but then jumped down to like #24.
So the final ranking is based on very little actual "she's hotter than her" kind of thinking.
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