Caravaka school of thought

Among the philosophical schools of the Indian tradition, there is one, which is so contrary that it's very acceptance as a school of thought appears incomprehensible. This is the Caravaka or lokayata philosophy. It negates not only the primacy of the Vedas, but also the existence of a supreme being, the very existence of the soul or its transmigration from one birth to other, the concept of right and wrong, all Vedic rituals, the testimony of the sages and anything that cannot be perceived by the senses. The purpose of life is described as nothing but the enjoyment of the senses!. The preceptor of this school was Brhaspati. They quote shlokas from the Rgveda, BrhadAranyaka Upanishad, Mahabharata and Ramayana as authority for their viewpoint.
Here are some doozies of shlokas from this system:

न स्वर्गो न अपवर्गो वा नैव आत्मा पारलौकिकः |
न एव वर्णाश्रमादीनां क्रियाश्च फलदायिकाः ||

There is no heaven, no final liberation, nor any soul in another world
nor do the rituals of the four castes produce any fruitful result.

अग्निहोत्रं त्रयोवेदस्त्रिदण्डं भस्मगुण्ठनं |
बुद्धिपौरुषहीनानां जीविका धातृनिर्मिता ||

The Agnihotra, the three Vedas, the ascetic's three staves and smearing oneself with ashes were made by Nature as the livelihood for those lacking intelligence or manliness.

पशुश्चेन्निहतः स्वर्गं ज्योतिष्टोमे गमिष्यति |
स्वपिता यजमानेन तत्र कस्मात् न हिंस्यते ||

If a beast slain in the jyotishtoma rite will go to heaven, why then does not the sacrificer offer his own father for sacrifice.

यावत् जीवेत् सुखं जीवेत् ऋणं कृत्वापि घृतं पिबेत् |
भस्मीभूतस्य देहस्य पुनरागमनं कुतः ||

As long as a man lives let him be happy, let him drink ghee even by going into debt
When once the body is reduced to ashes, how can it ever return again?

This materialistic and atheistic view rose in protest against the excesses of the brahminical Vedic Hinduism. Buddhism and Jainism then rose in protest against both the Vedic Hinduism and the materialism of Caravaka. Adi Sankara and others lead the intense introspection and intellectual debate that lead to the renaissance of Vedic hinduism

Surely that this contrarian view is accepted as a school of philosophy must reflect the tolerance and catholicity of our heritage.