A take: Chick-fil-A is overrated. That doesn’t mean it’s bad. It just means it’s not as good as people think it is. Whole Foods is also overrated. Please sign up for PFB+ for more of my spicy takes. Not really, but do still sign up for PFB+ if you’re interested.
All that to say, being overrated doesn’t mean you’re bad just like being underrated doesn’t mean you’re good. Kansas football is underrated every year because they cannot possibly be rated any lower than they already are.
Friend of the blog, @RookOSU, did some heroic work recently on overrated/underrated college football teams using a very simplistic (but enlightening) method where he looked at preseason ranking and postseason ranking for every team for the 2010s.