Because I had nothing better to do this morning, other than wait for football to start at 12:00, I tried to compare quality wins by the G5 schools and rank them. By giving 2.0 points for a P5 win, 1.5 for an Out of Conference win (which are so important to perceptions on strength of a G5 conference), 1.0 for an in Conference win, and .5 for a lower level win, I scored all G5 schools (my apologies, but I did include the AAC, but I do know they are BCS for one final year.) No points are deducted for a loss. Only wins are counted.

Here's what I came up with in terms of what I call a Quality Win Index (through week 7...last night's game isn't included). My Top Ten

1. Northern Illinois: 8.0
2. Louisville: 7.0
3. Ball State: 6.5
4. Houston: 6.0
5. UCF: 5.0 (1 P5, 2 OOC, and 1 In Conf)
5. Cincinnati (1 P5, 1 OOC, 1 In Conf)
7. WKU: 5.0 (1 P5, 1 OOC, 1 In Conf)
8. Rice: 5.0 (1 P5, 3 in Conf)
9. Tulane: 5.0 (1 OOC, 3 In Conf)
9. Bowling Green: 5.0 (1 OOC, 3 In Conf)

There were three schools at 4.5: Rutgers, East Carolina, Ohio and several schools at 4.0:

MWC: Boise State, Fresno State, UNLV, Wyoming
AAC: None
CUSA: Marshall, North Texas
MAC: Buffalo
Sun Belt: Troy

Finally, one possible measure of conference strength is to add up all the quality win points and divide by the number of teams to get a quality index per team. In that case, the Quality Win Index for Conferences is:

AAC: 32.5 points/10 teams = 3.25
SBC: 24.0 points/8 teams = 3.0
MAC: 36.0 points/13 teams = 2.769
CUSA: 38.0 points/14 teams = 2.714
MWC: 31.0 points/12 teams = 2.583

I understand your thinking but I think you see the big flaw in your own formula. Not all P5 teams are equal. Each victory needs to be evaluated on a team by team basis.

NIU has beat 2 big ten teams but one of them was against an awful Purdue team and one was a mediocre Iowa team.

UCf's victory over Penn State probably means more than NIU's 2 victories over Purdue and Iowa combined.

IMO UCF's win over Louisville trumps anything Louisville has done to date too. So rating UCF below Louisville is ludicrous...

So I take it that you're thinking if this was 2014? Because it doesn't matter what the AAC does, they have an auto-bid to a BCS game. The 'G5' for this year you need to compare N. Ill to Fresno and BSU.

BSU is out of the mix. It's between NIU and Fresno...

Southern Miss can't even manage a quality loss.

According to everything I've seen,heard, and read the AAC is not a G5 conference this year. So your AAC calculations are incorrect.