Regardless of your preferred ranking system, it is important to have some idea of what you are talking about so as to not sound foolish to those who know statistics. There are 353 D1 teams, based on that here's which teams fall into the proper classifications:
Elite #1-7
Great #8-31
Very Good #32-56
Good #57-88
*Upper Average #89-176
*Lower Average #177-264
Bad #265-296
Very Bad #297-321
Awful #322-345
Should we field a team next year coach? #346-353
* You can combine these two categories to make a category called "Average"
Now you can make an argument to put a team in a higher category if they are a couple spots off and if you have a good reason (if they are BYU for example) or a lower category again if they're a few spots off and you have a good argument (example - they're the Utes).
Let's use kenpom as an example. Prior to the SMC game we were rated #86, that means we were rated as good team up to that point. Since we lost badly we dropped to #98 and are now an Upper Average (or Average) team.
Use this guide and may all of your posts be nominated for POTD
Edit: for clarity "mediocre" means "average"