How are points and ranking determined in college football?

Answer 1

Rankings are determined by different "POLLS", the NCAA Coaches poll and the Associated Press (AP) Poll. Generally, most media outlets accept the coaches poll as the official ranking, and when you see a ranking on a televised game, it's the coaches poll rank. When you say points, I'm assuming you mean the BCS point system. The BCS takes several polls into consideration to include a computer polls. It averages these polls and assigns a weight (think point scale) to the average. It then adds for losses and strength of schedule. The team with the best (lowest) score gets ranked the highest. The two highest at the end of the college season are ranked 1 and 2 and play each other in a major Jan bowl.

Answer 2

They are ranked, By media, AP, and Coaches.