I read in the HA this morning that the provost's search committee is to provide the three top candidate's name to Shelboo, without ranking them. Obviously the little man wants the freedom to pick his guy without having to justify skipping over those more qualified.
This is not an uncommon procedure -- in Mississippi community colleges with which I am familiar.
Yes, it allows the president more "freedom" to select among the top three, as you suggest. But it also frees the selection committee simply to pick their best three without worrying about further ranking.
This is sometimes done elsewhere when there is a very competitive "seller's market" for new junior faculty members, or very late in the recruiting season when the department must move very rapidly in order to get anyone at all. If the search committee provides three candidates deemed fully acceptable but expects that it to be difficult to get any of them, the hiring authority can move right on from one to the next with undue delay.