Looking at STATS FCS poll and it appears losses must be analyzed as the differentiating factor, or at least carry more weight than wins. I removed team names, but kept them in order (#11, #12, #17, #18, #21, #22).
Team 1 - 3 losses, 6 wins against teams with combined record 17-37
Team 2 - 3 losses, 6 wins against teams with combined record 18-37, beat Team 3
Team 3 - 3 losses, 5 wins (FCS) against teams with combined record 23-22
Team 4 - 3 losses, 6 wins against teams with combined record 19-34
Team 5 - 4 losses, 5 wins against teams with combined record 19-26
Team 6 - 3 losses, 5 wins against teams with combined record 21-23, beat Team 2
Seems UND has recently been a team that carries a couple quality wins to go along with a couple ugly losses so that probably impacts my opinion, but am wondering why it isn't a team's wins that are given more weight. To me, a team that has one or two bad performances but has beaten a handful of higher quality opponents deserves a higher ranking than one who can only seem to beat the lower quality teams.