Hawaii has looked BAD at times this year. They have a suspect at best Defense, and have played pretty much nobody. I think Boise state kicks them all over the field. 6 loss San Jose State took them to overtime, and really should have won the game. Louisiana Tech took them to overtime and lost by going for 2. They are barely squeaking by BAD teams.
Their SoS is the biggest reason they aren't being taken seriously. Sagarin ranks it at 157. UNI's is 147, and they play in 1-AA.
Hawaii has played 2 1-AA teams, and not 1 single BCS conference school. Their NC schedule makes Kansas' look challenging.
If they win out, they'll probably get a chance to get beat down by a BCS team, but I really don't think they belong there.