While I appreciate the hard work that went into the formula, I don't think it can be viewed as a true championship since not every team has an opportunity. At some point, one of the best teams in the state will not be invited to this event. I know how people will respond "it's impossible to do right now" and "we can grow this event in the future".
On the contrary, every team does have an opportunity to be invited and compete in this event. Check out the official team scores again:http://indianamat.com/messageboard/index.php/topic,21576.0.html
You'll see the teams in these standings are the same teams that are listed in each and every IHSAA sectional. Every team had an opportunity to prove what they were capable of throughout the individual state tournament. The only differences between what the IHSWCA is doing, and what the IHSAA had, are qualifying criteria and scoring systems.
To advance to the team portion of the IHSAA tournament, a team had to score the most points in their particular sectional. To advance to the IHSWCA tournament, a team had to score the most points in their particular semi-state or win one of the wildcard spots. (The only part that can be considered remotely arbitrary is the coaches' vote for the 3rd and 4th wildcards. But to even qualify for a coaches' vote, a team has to be within 30-35 points. In other words, they still have to perform well.)
For example, what if Penn is one of the best 3-4 teams in the state next year (any class). They've already been locked out of the event.
At this time, Penn is in position for the 4th wildcard. Along with Franklin, Lake Central, and Center Grove.