No doubt. Once could of course do a rankings system based on regions or states or even cities. For example, Atlanta might be something like this:
1. Harvard, Yale, Standford
2. Emory, UG, Vanderbilt + other T14's
3. Georgia State, Mercer, other good Southern schools (Alabama, Florida, UNC, W & M, W & L, Wake Forest, Tulane)
4. Lower-ranked Southeastern schools
5. everything else
But my original ranking is more for just national lay perception.