I tend to look at the BCS rankings since they don't come out until October. I agree that the preseason ranking are bogus and that is why one always sees teams like USC and OU near the top. Once the season gets rolling is a much better indication.
In the BCS rankings; Oregon, Kansas St. are way over rated and so is Notre Dame. All three would be also rans in the SEC. They play in weak Conferences against weak competition. Pac 10; Sanford, USC, Oregon are the powerhouses, give me a freakin' break! Big 10; there is Ohio St and who else? Ditto for Kansas St in the Big 12!
SEC has four or five teams better than Oregon, Kansas St or Notre Dame. Just look at which Conference has dominated the first two rounds of the NFL draft over the last 20 years!
College Football rankings should be;
1 Bama (undefeated until this coming Saturday night

)
2 LSU (only loss is to Florida -SEC)
3 Georgia (only loss is to S Carolina - SEC)
4 Florida (only loss is to Georgia - SEC)
5 Kansas St