One of my favourite suggestions to counter this from an essay on overfitting I really like [1] is that applicant's probability of being accepted is proportional to their position in the ranking.
The downside is that some great applicants will not enter their top choice of school, and some people who aren't great fits will. But, on the other hand, the perverse incentive of spending the entirety of high-school optimising for some arbitrary metrics will dissappear. Any marginal improvement is corralated with a marginal increase in success, rather than the current system of no pay-off whatsoever, until reaching some arbitrary threshold, where one gets all the pay-off at once.
The downside is that some great applicants will not enter their top choice of school, and some people who aren't great fits will. But, on the other hand, the perverse incentive of spending the entirety of high-school optimising for some arbitrary metrics will dissappear. Any marginal improvement is corralated with a marginal increase in success, rather than the current system of no pay-off whatsoever, until reaching some arbitrary threshold, where one gets all the pay-off at once.
[1]: https://sohl-dickstein.github.io/2022/11/06/strong-Goodhart....