If you were saying that Oklahoma is about as good as it was in the 1970s, I'd disagree slightly (as they were either the best or 2nd-best--after Bama--team in all the land during that decade, and they're not that now). But they weren't nearly as good in 1970 as they are now. The Sooners lost 41-9 to Texas in 1970, for the 13th time in the last 14 years, had lost to Nebraska, and finished 7-4-1 after tying Bama in the Bluebonnet Bowl. That was actually an improvement from 1969, in which they went 6-4, losing to Texas, losing 44-14 to Nebraska, and didn't go bowling. If anything, they seemed like a former King that had fallen to Duke status.
That is not where they are now.