I'll give my personal Top 10 Most Overrated for FBS College Football - relying heavily on my personal experience with fan bases, as well as the following websites:
Final AP Poll Totals
Winning Percentages: 1945 - Present
10. South Florida Bulls - Not ranked as high as they would have been a few years ago. This is due to the past two seasons, which seems to have humbled the fan base significantly. We've had some great wins in our short history - but the past few seasons have more than balanced that out. While we have had multiple Top 10 rankings during the season, we've consistently been inconsistent - zero rankings in the final AP Poll. That last statistic isn't surprising as the program isn't even 20 years old yet - but the incredible early success yielded unreasonable, almost delusional expectations. I'll admit that this was hard to write - I'm a diehard Bull that was still enrolled during 2007. I drank the Kool-Aid hard.
9. Georgia State Panthers - Yes, they have great potential. They are also 10-35. Their only win in the last two years was against Rhode Island. I wish them luck - but if they think their program is going to own the Sun Belt in a few short years, they're mistaken. The Belt has gotten a lot tougher in recent years, and being located in a recruiting hotbed doesn't guarantee great recruits.
8. Boston College Golden Eagles - They have a solid program, but by no means a great one. There are only two seasons in which they finished in the Top 10. They are 5-24 against one of their big rival Miami. There is way too much emphasis placed on the Flutie win.
7. Oregon Ducks - A great program in recent years, but very few big wins to show for the hype. They are outside the Top 50 all time in winning percentage.
6. East Carolina Pirates - I love their program, but the cold hard facts are that they have only have two appearances in the final AP poll, and they haven't done so since 1991. They are very well supported, but nowhere near the lock they thought they were for a "Power Conference" invite.
5. Texas Christian Horned Frogs - They had some great years in the Mountain West, but have struggled against heavier competition. They have a losing record since 1945, but one would never know it from the confidence of their fan base. They have a lot to prove in the Big 12, but early returns suggest their fan base's confidence is going to take a hard fall.
4. South Carolina Gamecocks - A solid SEC program now, but historically mediocre. 51.8% winning percentage since 1945. Three Top 10 finishes, but all are from the 2011 season and later. Three solid bowl wins, but again - all are from the 2011 season and later. Zero major (BCS) bowl wins. I can understand their recent confidence, but it is way too early for them to be crowning themselves a major SEC program. They have only one SEC Championship appearance, a blowout loss to Auburn in 2011.
3. Cincinnati Bearcats - Their fan base feels slighted that they are not in a power conference. Let's look at the facts: only four finishes in in the final AP poll, zero major bowl wins, barely over 0.500 since 1945. They are a solid program now, but a Johnny-come-lately that is nowhere near worthy the respect their fans feel they are deserved.
2. Rutgers Scarlet Knights - Yes, you got an invite to the Big 10 (14?). Yes, you played in the first college football game on record. Which is why it is all the more pathetic that you have only been ranked 4 times at the end of the season, and none of them Top 10. The fan base consistently believed that they would win the Big East - and never did. They somehow believe that failure will result in Big 10 success. Only one major win in recent years - the 2006 win over Louisville. The schedule only gets harder from here on out. Only delusion can be motivating the fan base at this point.
1. Florida International Panthers - They have one of the worst winning percentages of all time - 31.4%. They finally get a good coach in Mario Cristobal - and fire him after one losing season while rebuilding. Their fan base fully supported the firing, then expected to land Butch Davis while he was banned by the NCAA. They have zero reason to expect success but apparently will not tolerate losing seasons, even if the program is moving in the right direction. To believe in spite of all evidence - this is the most delusional fan base in college football.