Editorial: Are college rankings fair?

Okay, I am confused. How did Oklahoma remain #1 in the BCS poll even though they lost in the BCS championship to Florida? And.. why Utah did not play in the BCS championship being the one of two teams without a loss? Boise State is the other. What is the formula?

2008 BCS standings

	RANK	TEAM	BCS AVERAGE
	1	Oklahoma	.976
	2	Florida	.948
	3	Texas	.930
	4	Alabama	.844
	5	USC	.821
	6	Utah	.785
	7	Texas Tech	.784
	8	Penn State	.739
	9	Boise State	.698
	10	Ohio State	.635
	11	TCU	.585
	12	Cincinnati	.538
	13	Oklahoma State	.487
	14	Georgia Tech	.452
	15	Georgia	.377

The BCS explained here.