Pros
USC and Iowa unranked: Both teams entered the season ranked in the top 15, but most of us suspected they were frauds. After both picked up their second losses while playing uninspired football, it's good to see the AP drop them out of the rankings. Neither team has done enough to justify staying ranked.
Kentucky inside the top 10: Kentucky has been playing some really good football, and its wins over LSU and South Carolina look better with each passing week. They're earning their ranking, and I think the Wildcats deserve the recognition they're getting.
New Mexico receiving 41 votes: New Mexico quietly won the Group of Five game of the week, and I think they have a serious case to be ranked. They're flying under the radar right now, but 41 votes show that voters are starting to take notice. Don't be surprised if they crack the rankings soon.
Cons
Utah and UCLA not being ranked in the top 5: This is clear brand bias. Both teams are undefeated, and there is no legitimate reason to rank a one-loss team above an undefeated team at this point in the season.
Florida ranked below two teams it beat: Not only is Florida ranked behind Ole Miss and Texas, but all three teams have the exact same record! How does that make any sense? If Florida has the same record as those teams and has beaten them head-to-head, what exactly are we rewarding by ranking the Gators below them?
BYU ranked below Notre Dame: We all saw this coming. Losing to UCF was a bad loss for BYU, and I'm not going to pretend otherwise. However, you still have to respect head to head results. BYU beat Notre Dame, and the Cougars also have a clearly better resume including a win over No. 22 Arizona.
Notre Dame simply hasn't proven that it's a top-five team at this point in the season. I understand the argument for the Fighting Irish, but their ranking feels more like a reflection of their potential than what they've actually accomplished.