"Massey computer ranking compilation ranks B1G as the 3rd best conference, barely edging B12 and ACC. SEC barely edges P12 for #1. Big gap between P12 and B1G. (scroll to bottom)"
I'm currently living in Arizona and get to watch what most people consider to be too much football on the weekends (partly because my job allows me to and partly because I really like to). I get a chance to see a little bit of everything at a reasonable hour because we are currently on Pacific time which I love by the way. These rankings jive with the eye test, at least my eye test anyway. Here is what I see from each conference.
SEC: Still the best but the top isn't quite as good as it has been the past few years. Alabama is the only truly elite team but they are beatable. However, the depth is still there. There are 3 main reasons why they have 8 ranked teams. 1) They have 14 teams 2) Their conference has the most quality out of conference wins 3) The ACC lacks depth and the Big 10 and Big 12 lack elite teams. More top 25 spots are open.
PAC 12: Closing the gap on the SEC and that's without USC being a power. There are some quaility teams on the west coast. Their programs have made great hires over the past few years. Most of their schools are trending upward or at least holding steady as being competitive. Oregon, Stanford, and UCLA is a pretty solid top 3. Washington is not far behind. The only two teams with that I'm 100% sure won't make bowls are Cal and Colorado.
ACC: They have a very solid top 4. Clemson, FSU, Miami, and VT will all have at least have 9 wins come conference championship week. However, that top 4 is better than the top 4 of the Big 10 and Big 12. The rest of the conference leaves a lot to be desired. The only Maryland game I say, they got shellacked by FSU so I don't take them seriously just yet.
Big 10: There is a clear cut best team here so far. Ohio State isn't a top 5 team but they probably are a top 10 team. Aside from that, I think the conference doesn't have a team that can garner top 10 consideration but a number of teams that could make top 25 claims at various points in the season. Wisconsin is an easy top 25 team and I believe Michigan State is as well. I believe many were quick to dismiss MSU but their offense is starting to make some progress and their defense is easily the best in the Big 10. Nebraska is what they've typically been under Pelini, good enough for 9 wins but not good enough to take the next step. Michigan seems to be their own worst enemy but they a top 25 type of team. Northwestern can score on most teams but I don't have much faith in their defense. I don't see them getting to 10 wins again this season. Although I don't believe Iowa is a top 25 type of team, I believe they are at least average. And I know it sucks to say this, but I'm optimistic that they'll get 6-6. I hate the fact that I'm excited for 6-6 because this should be a better program than that, but that's where Iowa is as a program right now. Illinois and Indiana are a little better than they have been in the recent past although that's not saying much. They are still both below average. Purdue and Minnesota are flat out bad football teams.
Big 12: I'm kind of all over the place when it comes to the Big 12 but I do feel they do not a single top 10 caliber team in this conference. Is Texas potentially the best team in this conference? They could very well be. But I'm not sure if I consider Texas a top 25 team yet. They should have lost to ISU for Christ sakes. However I know teams can grow over the course of a season and the Oklahoma win might be what they needed to jump start their season. They have talent and some guys that can make plays. I give them the edge over Baylor because I believe they are physically better than them. They can do everything KSU did to Baylor. I was pretty high on Oklahoma until watching their game against Texas. They looked really impressive against Notre Dame. They are a top 25 level team, but I'm hesitant to send them up another level. Baylor is an up and comer and they are really exciting to watch. But they haven't played anybody yet. As of right now they are the best team in the Big 12 but I think that will change by the end of the season. I like Kliff Kingsbury as coach at Texas Tech. They seem to be trending upwards but their most impressive win so far was at home against a decent TCU team without their starting QB so I'm not sure how seriously to take them. Defensively, they have been better than we're used to seeing from the typical TT squad. Okie State is above average and has a top 25 type of team. TCU doesn't have enough offense to make you think they are more than average. KSU and ISU have been competitive against solid teams but can't finish the deal. Both are capable of getting hammered on the right day. I have a hard time seeing WV winning more than 2 games the rest of the way and Kansas might now win any.