Are college admissions reaching a point of extreme randomness?

With CMU in particular, it is important to know to what school an applicant was applying. The considerations for admissions are very different for the individual schools (see http://admission.enrollment.cmu.edu/pages/undergraduate-admission-statistics). For example:
[ul]
[li]**School of Computer Science/b[/li][li]**College of Fine Arts/b[/li][/ul]
And within the College of Fine Arts, there is substantial variation (e.g., 52% acceptance for Architecture vs. 3% for the elite Drama school); decisions there are also mainly based on auditions and portfolio, not grades and test scores.