1. An entity selection method performed by a network device, comprising the steps of: providing a plurality of multi protocol label switching (MPLS) transport entities between a first endpoint and a second endpoint; determining an overall cost for each entity pair of said plurality of entities; selecting an entity pair from said plurality of transport entities based at least in part upon said overall cost; and if an entity pair reselection event occurs, reselecting said entity pair from the group consisting of said entity pair and a replacement entity pair comprising at least one entity distinct from the entities of said entity pair, wherein said entity pair reselection event is selected from a group consisting of adding an entity to said plurality of transport entities, removing an entity from said plurality of transport entities, an operational status change for one of said plurality of transport entities, and a change in overall cost for one of said plurality of transport entities.