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The big winner in this week's power rankings is obviously Indiana. The Hoosiers recorded one of the best wins of the season on Saturday when they went to Eugene and upset Oregon. 

I have been doing college football power rankings for a long time and I can't remember a team like Penn State. In a month, the Nittany Lions went from No. 2 in my rankings to three straight losses and firing head coach James Franklin. Whatever you thought about Penn State entering the season, it's a shocking freefall the last three weeks. 

Each week during the season, I'll break down the rankings by tiers so bettors can see where I cut off each group. I'll also move teams based on results, discuss changes in the betting market and set the hypothetical point spread from Tier 1 compared to the rest of the tiers. 

Stop by the SportsLine college football Discord channel or hit me up on X at @TheTomCasale to let me know if you agree or disagree with the rankings.

College football Week 8 power ratings 

Tier 1

1. Ohio State Buckeyes
2. Miami Hurricanes
3. Alabama Crimson Tide

The only change here is Oregon dropping down a tier after losing at home to Indiana. Ohio State, Miami and Alabama are the three best teams in the country right now. The Crimson Tide have by far the toughest remaining schedule of the three, while the Buckeyes and Hurricanes will be heavy favorites to finish the regular season undefeated. I would make Ohio State favored over any other team in the country on a neutral field.

Tier 2 (+2 from Tier 1)

4. Georgia Bulldogs
5. Indiana Hoosiers
6. Oregon Ducks

I wanted to see Indiana win a big game on the road and the Hoosiers took care of business with an impressive win over the Ducks. I was really impressed with the Hoosiers' defense. I expected Oregon to score 30+ but Indiana shut down the Ducks' running game and limited explosive plays. Curt Cignetti is a heck of a coach. Google him. 

Despite the loss, I didn't move Oregon down far. The reality is the Ducks would be small favorites over Indiana if the teams met again on neutral field. I make the line close to pick, but give the Hoosiers the edge because of the head-to-head victory. 

There isn't a big gap between tier one and two right now. However, I would make the three teams in Tier 1 all small favorites over Georgia, Indiana and Oregon on a neutral field.

Tier 3 (+4 from Tier 1)

7. Texas A&M Aggies
8. Ole Miss Rebels
9. Texas Longhorns

The only change to Tier 3 is Texas A&M and Ole Miss swapping spots after the Rebels survived a scare at home against Washington State. I do believe that was more of Ole Miss looking ahead to Georgia. The Rebels will move up a tier if they can go on the road and upset the Bulldogs this Saturday. 

Texas is still one of the best teams on paper, although I can't put the Longhorns any higher right now after two losses. Again, there isn't a huge gap between these teams and the ones ranked in the top two tiers. These are all teams that can win the National Championship if a couple of things break their way.

Tier 4 (+7 from Tier 1)

10. Notre Dame Fighting Irish
11. LSU Tigers
12. Texas Tech Red Raiders
13. Missouri Tigers
14. Oklahoma Sooners

If you are looking for a longer shot to win the National Championship, I would go with a team in Tier 4. Notre Dame has a big test on Saturday against USC. The Fighting Irish can't afford another slip up after two early losses but if the Irish beats the Trojans, they should run the table and make the College Football Playoff. I just can't see the committee leaving out the Irish with two losses by four points to Miami and Texas A&M. 

I didn't penalize Missouri and Oklahoma much for losing on Saturday. I am actually higher on the Tigers now after they almost upset Alabama at home. The issue for Missouri is it hits the road for the first time with back-to-back games at Auburn and Vanderbilt. The Tigers also host Texas A&M and travel to Oklahoma. I like this Missouri squad, although my guess is it will be on the outside of the playoff.

Oklahoma is the toughest team to rate right now. Yes, John Mateer returned Saturday against Texas but he threw three interceptions and clearly wasn't 100%. The Sooners also have the toughest remaining schedule of any team with games against South Carolina, Ole Miss, Tennessee, Alabama, LSU and Missouri. I would say there is a better chance of OU falling out of the Top 20 than making the College Football Playoff. 

Tier 5 (+10 from Tier 1)

15. Tennessee Volunteers
16. USC Trojans
17. Michigan Wolverines

USC has a make or break game against Notre Dame on Saturday after defeating Michigan. If the Trojans win, they will propel up the rankings. These are three quality teams, although there is a significant gap right now between Tier 5 and Tier 1. I would make Ohio State, Miami and Alabama double-digit favorites over all three of these teams.

Tier 6 (+12 from Tier 1)

18. Vanderbilt Commodores
19. Utah Utes
20. Georgia Tech Yellow Jackets

Vanderbilt fought hard at Alabama two weeks ago but came up just short. The Commodores have a huge two-week stretch where they host LSU and Missouri. If Vanderbilt can win both of those games, it will move up the rankings and have a shot at making the playoff. There is no room for error though. Lose one and the Commodores are likely out. 

I have Utah rated as the second-best team in the Big 12 behind Texas Tech. The Utes have a big game this week against in-state rival BYU. The Cougars just missed my Top 20, so the winner will likely find themselves in Tier 5 next week. 

Next three: Washington Huskies, Auburn Tigers, BYU Cougars