The answer is a resounding NO. Most teams in the top 20 have a shot on any given day beating each other. Oregon, for example, is not untouchable - they would have struggled to win their game with Boise if it were played on the smurf turf. Heck - they might have lost to Idaho as well. Ask Notre Dame about lesser opponents - or Alabama, Georgia, Miami...
Is BYU better than Tennessee? I don't know, but they are capable of beating them - send them to Provo and we will see. IMHO BYU is rated where they belong, but they are very capable of beating every team on the list and very capable of losing to every team on the list as well. So far they've won their weekly battles and the rating is legit.