I don't think South Florida would look overrated at #1. They've already beaten Auburn and West Virginia. And I don't think Ohio State seems terribly overrated in the spot themselves, given the recent losses by everyone else. Sure, OSU has had a soft schedule so far this season, but I think fans don't realize how hard it is to go out and win every week. Sustaining a 12-game winning streak is extremely hard, even in the Midwest. Part of a team's talent is their ability to rise to the challenge consistently. LSU might have the most talent, or USC might, or someone else, but if they can't deliver it on game day, someone else deserves the top rank.
If Ohio State and South Florida run the table from here, I wouldn't mind them playing for the trophy. What I'd really like is a playoff, but that would be too rational and fair. The BCS bigwigs know that controversy sells, and they're milking it for all it's worth. We can complain all we want, but until we convince them that a playoff system would put more money in their pockets, the computer algorithms and the opinion polls are here to stay.