Will Someone Please Explain Power Rankings to Me?

I've never really understood or liked them. Seems perhaps similar to something I've toyed with in my mind before - like a weighted momentum index or something?
If that is the case...I'm intrigued. Otherwise...they seem deeply flawed.
I like to ask myself a question...Put all the teams in a pool in your mind and imagine a tournament....
Knee jerk, "blink" reaction....who's most likely advancing a few rounds?
Cincinnati over OU?
Mississippi State#8?
Virginia Tech, Cinci and USC over UT?
Ragin Cagins???
Georgia#12?
OU #25??
And how can you have power if you havent played a game?

Don't see it as a true ranking system.
Anybody care to break it down?

College football Power Rankings for Week 4

 

Yeah I can I explain it. They're worthless.

 

I've got a feeling that your original question was rhetorical, but, if not, here's an explanation (not that it's likely you'll find it satisfactory). Football Power Index - Wikipedia

 

Because on a sample size of 0-2 the standard deviation is 50-100%. At this point it means nothing, with more games played it will be a better predictor.

 

You forgot your customary FU .

 

Yes, it was, for the most part...but I still appreciate the response.

 

I'm pretty sure that list is just that particular ESPN writer's opinion.