I don’t want to burst the bubble of the exciting College Football Playoff, but what’s going on with Indiana?

The Hoosiers are an incredible narrative, standing out as one of the few underdogs in a college football scene typically dominated by the favorites. Nonetheless, this team’s position within the Top 12 of the CFP — let alone the top five — is puzzling.

The core issue is that Indiana remains unbeaten while navigating a remarkably light schedule, allowing them to ascend in the rankings. It’s an old-school poll mentality: “They haven’t lost, so they must be good.”

When Indiana eventually suffers a significant loss to Ohio State on Nov. 23, they likely won’t plummet from No. 5 to outside of the rankings. Do you see the issue here?

How many other college football teams could remain unbeaten while facing a lineup of lower-tier Big Ten opponents, plus a non-conference slate against Florida International, Western Illinois, and Charlotte? A 40-53 combined record from those teams speaks volumes, with Nebraska (5-4) being the best of the bunch.

As long as the Hoosiers don’t suffer a blowout loss to Ohio State, they’re likely to secure a spot in the CFP, given their schedule features only Ohio State and the weakest Big Ten team (Purdue) as the remaining hurdles.

A glance at three overvalued and three undervalued teams in Week 2 of the College Football Playoff rankings.

Overvalued

Penn State

Last week: No. 6.

This week: No. 4.

Best win: 21-7, against Illinois

Worst loss: 20-13, against Ohio State

Opponent record: 42-40.

Summary: Looking for Indiana’s twin? Look no further than Penn State. Who have the Nittany Lions actually defeated? Claiming Illinois as a win does not count in anyone’s book.

Texas

Last week: No. 5.

This week: No. 3.

Best win: 27-24, at Vanderbilt.

Worst loss: 30-15, against Georgia.

Opponent record: 44-41.

Summary: The quintessential team that passes the eye test. The Longhorns haven’t proven worthy of a top-three ranking based on their actual play, yet they look impressive doing it. Imagine being out of touch with the world for a year in a far-off place like Fiji. You return only to find out Texas lost to Georgia by 15 and narrowly edged Vanderbilt by three; that’s their entire CFP resume — it’s simply absurd.

Notre Dame

Last week: No. 10.

This week: No. 8.

Best win: 23-13, at Texas A&M.

Worst Loss: 16-14, against Northern Illinois.

Opponent record: 40-43.

Summary: For some strange reason (here’s a clue: media appeal), the opening victory at Texas A&M seems to carry far more significance than the home defeat to Northern Illinois. The playoff committee apparently gives credence to victories over Louisville and Navy. I’m serious about Navy.

Similar to Indiana, the Fighting Irish might be too high up to fall out of the final rankings if unexpected circumstances arise in their season finale against rival Southern California.

Undervalued

Mississippi

Last week: No. 16.

This week: No. 11.

Best win: 28-10, against Georgia.

Worst loss: 20-17, against Kentucky.

Opponent record: 47-45.

Summary: Conquer the Boogeyman and move up merely five positions. After a significant 18-point victory against Georgia — the same team that beat Texas by 15 away — it may be time for the committee to reevaluate the two losses Ole Miss has endured.

Remember, those last-minute plays by Kentucky and LSU prevented the Rebels from an unbeaten record. This Ole Miss team exemplifies what the rankings should reflect: if we’re considering the eye test (which we evidently are), no one appears better than the Rebels right now.

Alabama

Last week: No. 11.

This week: No. 10.

Best win: 42-13, at LSU.

Worst loss: 40-35, at Vanderbilt.

Opponent record: 56-26.

Summary: Take a look at the opponents’ records. It’s not a mistake. Now consider the teams ahead of Alabama and ask how many can match the strength of schedule that the Tide has faced. Consider this: how would Indiana fare if they had Alabama’s schedule?

One could convincingly argue that Indiana would end up — at best — with a 1-5 record facing such SEC competition. And I wouldn’t be too confident in saying the Hoosiers would win against Vanderbilt.

SMU

Last week: No. 13.

This week: No. 14.

Best win: 48-25, against Pittsburgh.

Worst loss: 18-16, against Brigham Young.

Opponent record: 45-42.

Summary: Still working through the details.

There are valid reasons why Notre Dame is placed higher than SMU in the rankings. Their victory over Pitt is comparable to Notre Dame’s win against Texas A&M, which is regarded correctly by the committee among a select group of teams. Additionally, the only loss for Notre Dame was against unbeaten BYU.

It’s quite likely that SMU will emerge as the champion of the ACC, secure a first-round bye, and pose a significant challenge to any team that makes it past the first round.