When sorted by average ranking per conference using the new conference realignments (Texas and Oklahoma in the SEC; BYU, UCF, Cincinnati, and Houston in the B12), we have the following average rankings:

1. SEC 31.8
2. Big Ten 35.6
3. Big 12 37.9
4. ACC 55.4
5. PAC-12 57.7
6. MWC 80.4
7. Sun Belt 86.4
8. American 86.9
9. MAC 99
10. CUSA 99.1

Looking at median rankings tells a similar story. It shows that the SEC is clearly the top conference in the league. It also shows that in on-field performance the new Big 12 is actually performing favorably to the Big Ten; what they may lack in top-tier playoff-caliber teams is made up for in the strong depth of quality opponents. Finally, it shows that outside of maybe the top couple of teams (Oregon/USC/UCLA in the PAC-12; Clemson/UNC in the ACC) they have some serious depth issues. Both conferences have at least half their teams outside the top 50 in the rankings. The next closest P5 to that is the Big Ten with less than 30% of its teams outside the top 50 (but also has 3 teams ranked in the top 10 and 7 in the top 30).


TLDR: the new Big 12 is performing favorably compared to the rest of the P5 conferences; outside their top few teams, the PAC-12 and ACC kind of suck this year and are clearly a notch below the other 3 P5 conferences.