Certainly there are big problems with it … as I have discussed ad nauseum for several years. But if you had to summarize all of these problems succinctly, you can simply say that RPI does a poor job of evaluating SOS … which is the principal component of the formula (nearly 75%).
If by "gaming the system" you mean simply maintaining the existing system … then yes. The system is already in their favor and they obtain these advantages by simply doing nothing … except ensuring that it stays in place.
But I have a different definition of gaming the system (RPI). Because of the formula, there are many angles available to use the system to your advantage (if you really understand the system).
I want to be clear that it can certainly be legitimate for a team to have a 27-8 record … or a 20-10 record for that matter … and be considered a Top 8 team. It all depends on the strength of schedule played. The problem is that RPI does not measure SOS well.
As for Ole Miss being a national seed … if the season ended today, they would not be a national seed. Alabama and South Carolina would be national seeds from the SEC … with Florida/Kentucky/Vanderbilt as a possible third. Stanford would not make the field of 64 … as they do not have a winning record. Stanford is where they are RPI-wise because they played a brutal non-conference schedule. Their overall SOS is #2 in the country. They have not yet ventured far into their Pac-12 schedule.
Brian