I recently sent an email to US New & World Report, (to the people who ranking the college's), about why UC Merced wasn't ranked yet, and i thought you guys might want to know, their response is below.
Quote:
To be ranked by US News & World Report, colleges need to have a classification by the Carnegie Foundation for the Advancement of Teaching: Carnegie Classifications . University of California - Merced is not classified by Carnegie at this time.
Regards,
Webmaster
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A better reason might also be because they just opened in 2005.