I just find your kneejerk response of "Anything that rates my school poorly is wrong" and pocket dismissal is counterproductive to actually rating school performance. Selection bias is an actual demonstrable problem in school rankings, and coming up with some way of separating the effect of a school's selectivity from it's educational results is critical if we wish to improve the productivity of educated professionals.

I actually don't think that 3 has much explanatory power. Rather, I think the bulk of the variance is beyond 10 years. Yale's strongest suit is likely professional programs like law and medicine. These are high paying professions, but they require additional years of education beyond a 4 year bachelor's, and that subtracts earning years from the 10 year cutoff.

I don't know much about Rice, but I suspect it's particular problem is being a highly selective school in a low cost of living area. If an average Rice CS student randomly selected into other schools with comparable SAT scores, they'd be going to a much more expensive region, and their controlling for location may not sufficiently model how a CS degree differs from community college nursing.