The FBS is really whack in their rankings. Take Alabama jumping back up to number 2 when they lost to a lesser rank team than Stanford was when they beat Oregon, just because they're in the SEC they automatically get the spot and Oregon moves down to number 5.
Forgive my rant I'm just a pretty bitter fan right now.
The strength of the SEC isn't some kind of mirage. I don't particularly love that conference but it's legitimate. This year Alabama has run roughshod over everyone save for a close win vs LSU and a close loss vs the Aggies. The Aggies themselves have only lost to LSU and Florida (by an average of 4 pts per loss) while clobbering everyone else. Florida has only lost to Georgia, who's only lost to South Carolina, who's only lost two, against LSU and Florida. The pattern here is that all these teams are very evenly matched, and the level they're matched at is far above any potential opponent. If Ohio State were bowl eligible they'd certainly be in the mix. But look at Oregon. They've got a win against Washington, which looks like a quality victory, but otherwise they've availed against some very flawed opposition, like the Pac-12 bottom feeders and the decidedly average Arizona teams. And while they beat USC, they also gave up 51 points in the process. All that did was to alert the world that their defence couldn't handle any serious competition and that if they were forced to stay on the field instead of giving the ball to their offence to push the tempo, they couldn't stack up. Then along come the Cardinal with a decent defence for a change, and the Ducks looked completely ordinary. I'd say the Ducks are lucky at this point that with a win against the Beavers and a USC win vs the Irish (unlikely but possible) they're probably back in the title game. I'd say that if they had to play any of the top 5 SEC teams they'd probably lose.