<p>I think the US News logic is a bit more nuanced. Its not really about moving up any more on paper (since there is a clear barrier) as it is about building broader recognition for the college / university. Many of those kids who rub shoulders with UChicago but never matriculate for whatever reason are going to form the next generation of recruiters, donors, and corporate leaders who are vital to maintaining institutional influence. Just think about the impact on Duke for a decade or so of students to come of age regarding it as an elite school, versus the many well educated baby boomers who still remember it as a regional institution (and that is being generous). Conversely, the decline of second tier LACs has been just as marked as they have had a harder time articulating a value proposition to prospective students. Internally, the GSB does a much better job in this regard as it treats every applicant even those it is certain to reject as someone who needs to be fully sold on the merits of its offerings. The dividends this policy has paid out have been absolutely immense for its alumni.</p>