I am no expert, but it seems to me that retaining ownership and selling on the grid is about as fair as it gets. Price per pound mostly determined by quality grade (select, choice - and +, prime) and yield grade (1-5). Just a chart of price per pound based on two things. No bias based on perceptions, owner, hauler, where it was born, etc.
But, maybe not for the unprepared. Owner has all the risk of getting good cattle to the market and total input cost. Feed efficiency, feed cost, health in the feedlot, rate of gain, days on feed - things like that probably affect profit more than some of the issues we fret about here on CT. One of those narrow butted steers that gains well with good feed conversion, stays healthy, grades prime and yields reasonably well might do ok on the profit side.