I have two primary systems for ranking teams. The BPR looks only at the number of wins and losses, who's on the schedule and where. I consider it the best possible BCS-style system for ranking teams. The second is the Hybrid, which combines (thus hybrid) power rankings, BCS-style rankings and a point system for certain outcomes. It is meant to mimic human polls, but without the human element.
Kansas State comes out on top in the BPR for reasons that will make more sense after I discuss the hybrid rankings. Florida's wins over LSU and Texas A&M earn it more credit than any Alabama wins to date. Oklahoma introduces the only loss into the top 10, while undefeated Cincinnati sits at #23.
Alabama has a massive lead on the field in the Hybrid poll. Oklahoma comes in second despite a loss. In short, this is because the model has fallen deeply in love with Oklahoma. It loved Oklahoma at the beginning of the season, lost interest a few weeks in, but now thinks OU is the best thing since Alabama. Texas Tech and Texas A&M are also getting significantly more love in the Hybrid poll than in the national polls, again buoyed by strong power rankings while not dragged down by bad losses. (That West Virginia is ahead of Texas Tech in any polls is unadulterated proof that people are stupid, ignorant, and probably both.)
As always, you can find the complete rankings here.