Sort of? I suppose if you ignore enough reality. Let me give you an example.
Ole miss has wins against literally no one except LSU. They squeaked by Washington state by 3 after a miraculous 4 q. Fortunately U Washington has them as a common opponent - they won that game by a lot more points (59-24, won by 35) than Ole miss scored against Wshst.

you gonna tell me ole miss should be that high, and Wash should be unranked?
So the "rankings" arent exactly unbiased. Im glad the playoffs came around/expanded and the sec is finally having to play to win. The old system gifted them a championship game way too often. - and thats why the conference isnt the same anymore. Cause they arent given near as much for free.