Do college rankings still matter? Unfrotunately the most commonly used rankings are limited in the kind of data they supply to students. Rankings still matter though, perhaps now more than ever.
The current "one-size-fits-all" rankings regime creates a winner take all environment where institutions are rewarded for investing in things having little to do with education and brand is what is optimized for, not learning. This arms race occurs at every stratum of higher education, with each institution trying to beat out its nearest peers, not just the upper echelons.