I think i figured it out, and i'm sorry if this was already put forward as a theory.
V EQ was the core values 4,8,15,16,23,42
Jacob assigned those numbers to our heros.
V EQ was to change the path of mankind/possible extinction, by changing one of the core values.
Our heros, the numbers. Jack went from man of science to man of faith...he changed his core value, which is what Jacob hoped he would do, to prevent Smokey from escaping the island and bringing about armageddon(if you don't like that term just insert your own).
Please tell me what you think!
I also feel the other candidates changed their values as well but i used Jack as he was the one to actually stop smokey.