Cincinnati is a hell of a better team than whoever Michigan has played thus far, that's for sure.
If people actually analyzed Houston's schedule you would see that besides Louisville we still have to play Memphis and Navy away, two teams that were ranked last year and could potentially climb up the rankings this year as well. Plus Houston would have to face in a potential conference championship USF or ECU, more than capable teams that have already beaten P5 teams this year.
These are not shitty teams, as much as some of you would like to think. The difference between the better AAC teams and most of the P5 stock (save for the blue bloods) is not as big as you think it is.