They could be as good as Florida, Alabama, and Texas, but their competition is not very good. They've handled 2 BCS teams (Clemson and Virginia). This would be the worst year to put them in the championship, especially up until Oregon received its 2nd loss last week against insane Stanford.
This season, however, has done the most to convince me that there needs to be a playoff. There are just too many good teams. This is either a nightmare scenario or a perfect scenario: Cincinnati wins out, Texas drops a game, Florida or Alabama win out except for the SEC championship game, the lose of which has 1 loss and the winner is perfect. So Cincinnati plays Florida in the BCS?
Let me backtrack first. I believe Cincy deserves the talk for what they've done this year. I think that part of it is that people are understandably just not used to the idea of Cincy as an elite team (and maybe Cincy isn't). I think there are two ways to go about it:
1) In CFB, you earn the chance to play for the championship by having the best record
2) However, strength of schedule is more important. Perfect Cincy getting through the Big East is nowhere near as impressive as what hypothetical 1-loss teams Alabama and Texas did. And what's up with Boise St and TCU not getting any love?
If the scenario described above happens, the SEC could be whining a lot. Plus we could sound like hypocrites for saying that Michigan should have played OSU for the BCS in 06. Regardless of your stance, I think that we can all agree that Urban Meyer is a little bitch.