That's a good question. I don't think it would be a reflection of how "good" a team is. ISU is a better team than UNI, but I n above ISU. I guess it would depend on how Kansas finishes. If ISU finishes #1, they'd probably jump UNI...and they should. If Kansas wins out and ISU remains at #2, I think UNI finishes above them (assuming they too win out) and I think they should be ranked ahead of ISU.
Maybe the best analogy I can think of off the top of my head is Marshall football when they were undefeated this year. Did they deserve to be ranked at the time (I'm talking about when they were undefeated)? There were probably 40 teams below them better than Marshall, but because Marshall won their games, they got ranked. Same for UNI right now IMO.