I like Car and Driver's methodology for inviting entrants to its 10 Best awards: A car that made the list the previous year is invited back regardless of whether it has changed or not. All other entrants must be new or revised models.
The best format IMO! earn your way on and work hard to stay on it.
This. Thats truly how the whatever of the year should be won, can you take out last years winner.
Plus, C&D gives the awards to whatever classes of vehicles they want (no pre-determined "we've got to give some minivan an award" category) - so if the 10 best vehicles are all sports cars, so be it. Of course, it helps at C&D to have Honda's and BMW's cheques cashed...
But looking at the list this year, it's hard to argue that they were out to lunch. Everyone will argue about a few specific cars included/excluded, but the overall list is solid. Fiesta ST beats out Focus ST? OK, explanation given. Mustang, Miata, and BRZ dropped off the list? Well, they are still great cars - but this year's new 10-best vehicles simply bested them (Mazda6, 3, Caddy CTS, etc.)
I also like that C&D identifies which specific trims should make the list - i.e., Mustang Boss and GT last year, but not Shelby or V6.