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Okay, what I've done here is taken the all-time opponents of each FBS school and averaged the opponents based on their position on the all-time win list, subtracting their rank from 101.  For instance, the team in FBS with the most wins at the time would count as 100 points, the number 2 team would count as 99, etc.  If they are over 100, or not in FBS, or qualify for the list they would be worth 0.  The criteria for the all-time list is the same as the NCAA, currently in FBS and with at least 25 years of history.  In early years, you qualify for the list if have at least half the number of years as the team with the most years on the list.  

So, I totaled the points and divided by the number of games.  I added a column for the number of top 10 opponent each has played.

UCLA and Duke out there scheduling like Big East teams during the RPI.

MSU I'm guessing a product of decades of being basically a mid-major, who still played Michigan and Notre Dame, to rack up top 10 games, followed by Big Ten membership.  But like 40 years of playing mostly all zeroes still dragging the overall down.

That would a kind of interesting study.  Breakdown of schedules by team by period.

For Michigan State, up to 1950:

Ave 25.08
Top 10 47

After 1950:

Ave 60.30
Top 10 203