Definitely an interesting thought exercise! However, in retrospect, I kind of enjoyed the wild ride that was the convoluted, protracted, and seemingly inefficient system of B-school PhD admissions :)
And not to mention that this system does not take into account an applicant's objective research fit, something that is less relevant in med school admissions.
What a breath of fresh air after having read through so many threads dominated by finance and accounting people :)
I applied to 6 Management/OB programs. I have been invited for a skype interview at Wharton. I know they have narrowed their short list down to 12 applicants.
I have not heard from any other schools yet.