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They've definitely made some adjustments to the formula this year and seem to have incorporated (secretly) some form of margin of victory, based upon the results I'm seeing.  The rankings are much better this year than last year even if they still have big room for improvement.

All evidence suggests it would not. The computer rankings, Maxpreps,  Laz, etc. factor in strength of schedule. Just look at the two teams I mentioned earlier who got left out despite having better w/l records. Also instead of 8 teams per region (32 total)making the playoffs,  only 3 teams per region (12 total) would.  Would you like some real examples?  

(Rural) Madison County (1A) Episcopal (2A) Florida High (2A) Cocoa  (3A) Berkeley Prep (3A) Jefferson  (3A) Eastside  (3A) Key West  (4A) Ed White  (4A) Naples  (5A) Beachside  (5A) McArthur (6A) Pace  (6A) Mitchell  (6A) Monarch (6A) South Lake (7A) Dr Phillips (7A) Western (7A) Goleman  (7A) Sumner 

That would reward teams who play crap schedules just like the current format rewards record far too much in formula 

Make the Kickoff classic game count as a regular season game, now you got an 11 game season with no real change. Add one more regular season game. Shorten the playoffs by two weeks with fewer teams in the playoffs. Those who had a .500 or better season play a bowl game.  Even at that, every season teams have early season cancelations because of weather, so they have to make them up. Get rid of district play and use a straight computer formula (Laz is best) then making up games is optional.