I agree its value is not definite, but people do look at relative strength of schedules of who beat whom, and who of the people you beat beat others. And it's somewhat legit. If Georgia pounds Texas and Texas pounds UTEP, I expecxt Georgia to pount UTEP as well. Will they? Most likely, but not certainly. Replace UTEP with 'Bama and of course it breaks down, but you'd still expect Georgia to beat 'Bama, it just didn't happen, to your point.