Sponsors of the Day - Best practices for implementation?

Requirement

The home page of a site needs to have three “sponsors of the day”. The sponsors of the day should be changed every 24 hours. Sponsors of the day are to be drawn from the “sponsors” channel at random. Every entry in the “sponsors” channel must be used as a sponsor of the day once before any entries can be re-used as sponsors of the day.

Plan

So, my plan is to do the following (pseudo code so don’t worry about names and values, please):

1) Add two “hidden” fields to the sponsors channel fields: “current_sotd”, and “was_sotd”,

2) Add one “hidden” field to the pages channel fields: “sotd_set_date”,

3) At every load of the home page, check to see if the sotd_set_date is more than 24 hours ago, and if so:

3a) Set sotd_set_date to the current datetime,
3b) Set all sponsors entries current_sotd to NO,
3c) Select 3 new sponsor entries, 1 at a time, that have was_sotd set to NO, and set each current_sotd to YES
3d) As each is selected, if 0 sponsor entries have was_sotd set to NO, reset all sponsor entries to was_sotd to NO

I realize this means enabling PHP on my home page template, and writing some custom PHP/SQL.

My question is: Is there in fact a better, more EE way to approach this requirement? Is there some feature or functionality of EE that I am not seeing or understanding due to my lack of experience?