In real life you have your AP poll, USA today coaches poll, and the BCS rankings (which takes the polls into account as well as computer rankings).
Here's the current polls:http://espn.go.com/college-football/rankings
You'll notice that Houston (9-0) is ranked behind a bunch of 8-1 teams, because Conference USA is generally considered a weaker conference and Houston's schedule is considered weaker. Boise State is undefeated (or near it) almost every year, but gets left out of the championship game because it's from a weak conference. That's why this tournament has a playoff bracket at the end instead of a single title game, which is a departure from real life.
It all must look pretty silly to someone who didn't grow up with the sport.
I'm the Dude. So that's what you call me.