With all of that sheer talent on the team, along with the fact that they played in NY6 bowls back to back (including a Rose Bowl win), I'd say that they're certainly a threat to knock anyone off the perch on any given day. The only question for this year would be at the QB position, but J.T. Daniels looks to be highly polished coming out of high school.
Last year, they had one bad game during the regular season, and if it weren't for some freakishly bad luck against a very good Washington State team, could have went into the post-season with only one loss.