It is surprising to me that Texas has never been a preseason #1 before.  I'm sure they've been top ten about as often as anyone.  History suggests they won't end up at #1 but will end up highly ranked, top 5 usually.  I suspect any top ten team has a reasonable enough shot at the NC and fairly likely shot at the playoffs.
Is making the playoff now an acceptable season?  For some fan bases, nope.