Here is my theory:</p>
<p>Every February, the schools have a draft. They strategize, they trade draft picks, they speculate who will pick what, but in the end, there are maybe 500 draft picks. HYPSM get most of them, but Columbia, CalTech, and a few other places get a few too. For example…</p>
<p>So Harvard goes first, and picks the guy who is already a renown writer and poet within the entire Anglosphere.</p>
<p>Yale and MIT, knowing that they have different tastes, traded their early draft picks to Princeton so they could get more later.</p>
<p>Princeton chooses the guy who found the next ramanujan prime (MIT winces, realizing its mistake), the one-eyed black orphan from Namibia who taught himself English and now writes the leading satirical magazine for his country, and and the dean’s daughter (MIT is known to like to screw Ivies by picking their faculties’ children).</p>
<p>Stanford chooses a guy who actually wrote a good roommate letter.</p>
<p>Yale gets the Nigerian prince who can’t get anyone to hold his money while he escapes to the States.</p>
<p>Back to Harvard, which chooses the guy who invented his own disease, and then proceeded to infect twenty monkeys with it to see what would happen.</p>
<p>MIT chooses the guy who invented his own OS… That Bill Gates stole and turned into Windows 7.</p>
<p>And so it continues. MIT snaps up most of the Intel winners, Yale gets its famous/interesting people, Harvard gets people who only like to do one thing, Princeton wishes it hadn’t traded so much for early picks, and everyone in the room wonders what the hell Stanford is doing. By the end, the 500 best kids in the nation are all chosen, and they’ll fill out the rest of their classes with athletes, legacies, URMs, the (lucky) 2400 valedictorians, former child prodigies, and some people who are going to faint (in a good way) when they see their decisions.</p>
<p>I think that’s how it happens.