The F-LRMC (Football Logistic Regression Markov Chain) was
designed by Jason Kolbush and Joel Sokol after the LRMC
model for College Basketball.
As the name suggests, it uses a combination of a Logisitic Regression and Markov Chain to determine the teams rankings. A scholarly paper was published on the F-LRMC in the International Journal of Computer Science in Sport. This can be viewed here
Below you can find rankings for the current College Football Season, as well as the reuslts from the regular season for every year since 2002.
Jason Kolbush's Home Page
Massey Composite Bowl Game Comparison