The fallacy of rankings for a team like Cincinnati is that if I play a poorer team (say the 75th ranked team), I will just fall in the rankings even if I win. And if I play a good team (like the 25th ranked team) and win, I will move up in the rankings.
In Sagarin ratings just for example, Cincinnati would be favored by 28 vs. the 75th ranked team, and favored by 7 over the 25th ranked team.
It's better for Cincinnati's ranking if they beat the 75th ranked team by 30, than if they beat the 25th ranked team by 1. The predictor is what determines how you move up or down. It's not all about who you play and if you win, as it is about how much you win by. Did you cover the predictor.
So yes, you can be ranked high even with a poorer schedule, but you better keep winning decisively.