read something somewhere on this topic that went like this:
if you are applying to mit, harvard and boston college, BC is going to think you aren't into them and are only choosing them as a back-up. Letting you in will lower their enrollment rate.
Harvard is going to think you don't have the confidence to be HBS material.
I think the whole question is sincerely uncool.
Hence my advice to select two similarly ranked schools.
Even if you aren't applying to two similarly ranked schools? What if you get caught lying?
In my situation, I am applying to three schools around the top 20-30, and one school in the 10-15 range with a prestigious name, aka my "reach" school. I'm nervous that the reach school will see that they are the highest ranked school on my list, and will consciously or subconsciously think less of me as an applicant.