I think WIS is actually pretty on in the rankings...here's an excerpt from Joe Posnanski's blog...
Death to the BCS
"?Because NOT LOSING is all that matters, college football has been robbed of its big non-conference games. There’s no point in playing a good non-conference team. Quite the opposite. The intelligent way to become a national championship contender is to play a non-conference schedule of patsies so that you can be sure you enter the conference season undefeated. Bill Snyder figured this out years ago at Kansas State, where he turned around the worst college football program in America with terrific recruiting, brilliant coaching and careful scheduling. This was before the official BCS, but the idea was the same. The more easy games on your schedule, the better chance you have of going undefeated. When Bill and Kansas State would get ripped for its easy non-conference schedule, Bill would shrug: He knew he was doing the right thing. And sure enough, in 1998 Kansas State was a fumble away from being in the national championship game. A decade later, Kansas almost rode a ludicrously easy schedule into the national championship game."
And that's exactly what WIS rewards...not losing.