It's not a simple rank preference list:
Matchups are scored based on expectation. At the beginning, all schools have the same score, so we expect that all schools have an equal chance of winning a matchup. Quickly, our expectations change. We see that Berkeley rapidly gains points, for example. Our Elo-based system awards more points for unexpected victories against a college with a higher score, an average number of points for victories against another college with a similar score, and fewer points for expected victories against a school with fewer points. In fact, the number of points awarded to the chosen school (and taken from the not-chosen school) is determined by a formula that takes into account the current score of both schools. To use Berkeley as an example again, when Berkeley is chosen over a school with a similar amount of points (such as UCLA), it earns more points than when it is chosen over a school with fewer points. If a student were to choose to attend a university with far fewer points than Berkeley, that university would gain many more points from that victory than Berkeley would have if the student had chosen Berkeley instead.