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This is awesome - ranking schools by the successes of their extra-curricular hacking is a really interesting way to look at things.
I might be slightly biased, but I think Rutgers has the best shot here with their hackathon being 1 of the 2 remaining. Carnegie Mellon is hella far away, and Rutgers has an enormous community. Strong attendance could put them in the lead.
We'll see :) Remember, Rutgers hackers only earn 1 attendance point for hacking at HackRU since it's at their home school, but other schools will get 2 points. Every hack is gonna count.
You're changing the rules halfway through the contest?
Swift is a pretty cool guy.. keep up the good work.
Question for HN people: Do you associate the word hacking with computer security? I know I do, and it took me a long time to find that the website was talking about hackathons and not computer security.

Sidenote: rewarding students for travelling seems to bias the scoring in favor of densely populated places like the NE.

Considering the context of being a Y Combinator website, I'd hope most of us understand that this is not a website specifically about computer security.
"Hacking" has long since been appropriated to refer to anything tech startup related. Business growth, usage of an API, even design (http://hackdesign.org/). Essentially, replace verb X with hacking. A pet peeve of mine... but what can you do.