My rankings are based on who I would make favored over whom on a neutral field.
1-Indiana
2-Ohio St.
3-Texas A&M
4-Alabama
5-Georgia
6-Ole Miss
7-Notre Dame
8-Oregon
9-Texas Tech
10-Vanderbilt
11-Miami
12-Ga. Tech
13-Tennessee
14-BYU
15-Utah
16-USC
17-Missouri
18-Texas
19-Oklahoma
20-Cincinnati
21-Michigan
22-Washington
23-Iowa
24-Louisville
25-LSU
26-TCU
27-Illinois
28-Florida
29-Mississippi St.
30-Penn St.
31-Auburn
32-Pittsburgh
33-Houston
34-Virginia
35-Nebraska
36-Iowa St.
37-Arizona St.
38-Kansas St.
39-SMU
40-Clemson
41-Wake Forest
42-Duke
43-Memphis
44-South Florida
45-Arkansas
46-South Carolina
47-Boise St.
48-Arizona
49-James Madison
50-Baylor
Just Missed: Northwestern, Navy, Maryland, Kansas, Tulane and San Diego St.