First of all, the only horrific loss was South Florida this season who will end up with a losing season (although they took 17 ranked Cincinnati to the brink last week).
Toledo is still going to end up with a winning season. Losing to a G5 program with a winning season is not a horrific loss.
Let's look at Bronco's worst losses:
1) Losing to 4-8 Utah State in 2010
2) Losing to 2-10 Virginia in 2013
3) Losing to a 5-7 Utah team in 2012 (3-6 in PAC 12 play)
4) Losing to a 5-7 Missouri team in 2015. (1-7 against SEC teams)