It certainly would not hurt to have a rotating selection committee each year, just to broaden the prospective field of nominees without clogging up the process every year.
...if you start with a brand new committee every year, you have zero experience at least the first couple of times. Why not have at least a couple of old people just to guide the newbies?
I also think there should be a rule that no one can serve on the selection committee two years running. That way each year there are some fresh opinions.
Here's my take on the committee structure: it needs both stability and fresh ideas/opinions over time.
Imo, the best way to accomplish that is to have six committee members, with three new members added every year while three existing members drop off every year. The six initial committee members would have terms of 1 year (three members) and 2 years (three members) -- with who gets what term lengths determined randomly.
The pool of committee candidates would be maintained by the six standing members.
Starting next year (Dec 2015), the three newly chosen members would have terms of 2 years. Any member unable (or unwilling) to complete their term can resign and appoint their own successor for the remainder of their term.