No, I don't think ASU is that good, but I know that in college football if you don't respect the opponent (even an out manned G5 opponent), you can easily get beat. You see it almost every week.
I don't think our issue last Saturday was lack of respect for the opponent or our coach's game plan. I think we were just a little mentally and physically exhausted after a couple of months of going hard every day, playing our two biggest rivals in the first 3 games, and starting off overseas. And I think ASU was about as hyped for this home game against a P4 opponent as you can be.
The good news is we still found a way to win. The good news also is that it really doesn't matter whether us fans are overconfident. The only thing that matters is what the guys in the locker room think.