Sagarin would disagree greatly with you. The Big Ten is 9 deep, something no other conference is. You only have two bad teams out of 11, while most conferences have half of them be terrible (read: SEC).
If any conference is overrated, it's SEC, by a mile. Big Ten is far and away the toughest conference to run the table on.
And I really doubt that any team deserves the outside bid over Notre Dame, Oregon, and OSU (maybe Miami).
And if you need to have a 2-loss team in the BCS (and there's no other one-loss team that deserves a bid besides Oregon), the team that loses to the #2 and #3 team in the country while taking on a tough Big Ten Schedule should be what you're looking for.