1. A method comprising: receiving, from a centralized scheduler at a first host computer system, one or more path weighting updates to at least one of a plurality of path weightings, wherein the plurality of path weightings correspond to a plurality of available paths between the first host computer system and a second host computer system, and wherein each of the plurality of path weightings are based on at least one link included in its corresponding one of the plurality of available paths; identifying, at the first host computer system, a data flow corresponding to a data packet based upon selected header information included in the data packet, the data packet initiated by a first virtual machine residing on the first host computer system with a destination at a second virtual machine residing on the second host computer system; assigning, by the first host computer system, one of the plurality of available paths to the identified data flow based upon at least one of the one or more path weighting updates, wherein the assigned path corresponds to a pre-defined physical layer path from the first virtual machine to the second virtual machine over a computer network; modifying, by the first host computer system, the data packet by replacing a MAC destination address of the second host computer system in a header field of the data packet with a virtual MAC address corresponding to a path identifier of the assigned path; and sending the modified data packet over the computer network to the second virtual machine.