Obviously, with three of the top four teams losing (and five of the top nine overall) it wasn't easy to rank these teams. But that doesn't mean the committee got everything right either.
Here are eight teams they completely whiffed on.
Joshua S. Kelly-USA TODAY SportsJoshua S. Kelly
No. 23 Florida Gators (overrated)
I'm not quite sure what Jim McElwain did to get into the committee's good graces (I could definitely see him baking cookies and sending them over every week), but there is just no way the Gators warrant any ranking at this particular moment.
Their best win remains over a lousy 6-4 Georgia team, and their two losses are to the only two half-decent teams on their schedule, Arkansas and Tennessee.
If the Gators beat LSU this weekend, we can talk. But they don't deserve this ranking today -- no matter how many cookies McElwain sends.
No. 22 Washington State Cougars (underrated)
Look, I get that Washington State lost to Eastern Washington in Week 1, and to some that's an unforgiveable sin.
At the same time, this is the hottest team in college football right now, winners of eight straight games. Their last two victories have come by a combined 97 points. Ninety-seven!
You can't tell me there are 21 teams in college football better than the Cougars at this exact moment. There just aren't.
Steve DykesGetty Images Sport
No. 21 Western Michigan Broncos (underrated)
If Jim McElwain seems to be eternally in the committee's good graces, P.J. Fleck seems to have done something terribly wrong. A No. 21 ranking? For one of only two undefeated teams in the country? Fleck needs to row his damn boat to the committee headquarters and smack some sense into these people!
We all know playing in the MAC isn't as tough as other conferences, but Western Michigan is still 10-0, with two wins over the only two Power 5 schools on their schedule.
The Broncos have done everything they can to impress the committee and it's still not enough. They should be higher.
No. 20 Boise State (overrated)
I have no personal beef with Boise, but they were No. 22 last week and jumped Western Michigan on the merits of what? A beatdown of Hawaii? Since when did the Rainbow Warriors become Belichick's Patriots?
The good news is that as things stand, Fleck's club is still in position to get a New Year's Six bowl bid since Boise isn't in line to win their conference title.
But this ranking remains egregious.
Getty ImagesDavid J. Becker
No. 16 Florida State Seminoles (overrated)
Another team I have no fundamental issue with, but does anyone who doesn't have the first name "Jimbo" really believe this is the 16th-best team in the country? The Seminoles' best win is probably over South Florida from the AAC, and they've lost to the only two Top 25 teams they've played this year, Louisville and Clemson.
Put another way, if you're the fan of a Top 10 team right now, who would you rather see on a neutral field tomorrow -- Washington State or Florida State? I'd take the Seminoles in a heartbeat and not worry one bit.
No. 10 Colorado Buffaloes (overrated)
I say it every week, and I stand by it: Colorado is a great story. Colorado has also become grossly overrated.
You know how many teams Colorado has beaten with a winning record? One, in a real 10-5 thriller over Stanford. The only two other teams with winning records the Buffs have played (Michigan and USC) they've lost to.
Colorado will have chances to prove me wrong in the coming weeks. But right now, they are vastly overrated.
The Denver Post, Medianews GroupDenver Post via Getty Images
No. 5 Louisville Cardinals (underrated)
Louisville remains the most dominant team that no one talks about as a legitimate title contender. In total, seven of their nine wins have come by 30 or more points -- 30! They also have a better loss than any of the three teams ahead of them (at Clemson).
Now for those Clemson fans who will claim "yeah, but we beat Louisville head-to-head," remember: That is only ONE parameter the commitee is supposed to use to rank teams.
So again, the same question applies here that I asked with Florida State and Washington State: If you were Alabama or Michigan, who would you rather play -- Louisville or Clemson? We all know the answer.
Getty ImagesTyler Smith
No. 4 Clemson Tigers (overrated)
The Louisville section above is also why Clemson is overrated here.
For all the talk about Clemson's head-to-head win over Louisville, they also have a much worse loss this past weekend. And they could have lost any number of other games, from Auburn to Troy to NC State.
I don't care if they beat Louisville head-to-head. I don't care if they control their own destiny in the ACC. Right now, today, Clemson is overrated at No. 4.