Should college teams be ranked on their record, and using their opponents records also?

In example, a teams actual W-L record added to all the wins from a team they beat, and all losses from a team they lose to. This would keep changing throughout the year, as previous opponents actual records change. This would make an early win over an over-ranked team worth less as the season progresses, as it becomes apparent that the win wasn't that great, but a win over a team early in the season that later turns out to be quite good, becomes worth more. Kind of takes reputation and opinion out of the mix. Also penalizes the supposedly great teams for filling the schedule with patsies.