This means that the community-at-large is effectively given the opportunity to vote on a sub-optimal selection of the submitted stories.
This can perhaps be fixed by briefly flashing all new stories towards the bottom of the top news page, to give them a brief chance at wider exposure. One way to do this would be to make a queue, and put every new story on the bottom of the front page for 5 minutes barring a certain number of down-votes for moderation.
This might really effect which stories actually end up on the top news page (though perhaps only for stories submitted during peak times).