I'm not sure I'd have UK at #1, but they do deserve more than they've been getting from most "rankings".
COLLEGE FOOTBALL WEEK 9 UNBIASED RATINGS
A rating system has three components:
POWER - How good is the team?
RESUME - How good are their wins/losses?
EXTRA - H2H & Conf championships
You can combine these ideas however you like, but you should be consistent. If Notre Dame and Kentucky played tomorrow, the Irish would be a double digit favorite. They have a better power rating. But Kentucky's resume is fantastic, going 7-1 against tough opposition, while ND hasn't beaten anybody. They have a better resume.
It's up to you how to trade those things off. Personally, if I had a vote, I would just submit Resume rankings every week, but what I have done here is try to weigh the two concepts in a way that approximates what I think pollsters try to do intuitively.
The formula is (power rating + (1/resume)*4, switch adjacent teams for h2h).
How do I come up with these numbers?
POWER - Vegas knows power than anybody else, so I have a Vegas approximation algorithm I run that combines this week's lines, next week's lines, injuries, prior lines and win totals to extrapolate how good Vegas thinks teams are. This works VERY well for the NFL and decently for CFB. (Within conference is easy, but between conferences has some noise). If you think Vegas is wrong, please just go become extremely rich.
I have chosen to use the power of how good teams currently are (i.e. inclusive of injuries) although elsewhere I also project playoff power with players returning, bayesian results, etc.
RESUME - How likely is the #12 team to achieve the same record that you did or better against your schedule?
NOTES:
-Take LSU as an example. Vegas thinks they are the #4 team in the country. They have played Clemson, Ole Miss, ATM, Kentucky, Mississippi State and Auburn and outscored them by 113 points. However, that manifested as four blowout wins and 2 close losses, so their resume is not stellar.
-Kentucky played Alabama, ATM, LSU, USCe, OU and Vandy and outscored them by 9 points, but went 5-1 in those games with two 1-point nailbiters, hence an unspectacular power rating, but a fantastic resume.
-I have not yet included backwards looking injury adjustments. So Texas should be getting credit for beating OSU without Sayin, teams who beat Miss St should be getting more or less credit depending on whether Kamario played, etc.
-Ratings within a conference are accurate within a point or so, and ratings between conferences probably also have about a point of wiggle room.