A Swarthmore professor of psychology offers his proposed fix for the college admissions craze in this article.
While I don’t necessarily agree that drawing students out of a hat is the right solution (though he certainly makes a good case), his premise is absolutey true–"Students trying to get into the best college, and colleges trying to admit the best students, are both on a fool’s errand. They are assuming a level of precision of assessment that is unattainable."