I'd put the SEC division as the best
I would agree with Craig on this, this season I feel that the SEC is the strongest. With Georgia, LSU, Auburn, Alabama and even Florida playing well this year you really can't argue that in my opinion. Plus, Tennessee is much better than their season showed and South Carolina will be good over the next few years.
I believe that the Big-12 is way to overrated at this point. The only good team they have is Texas. Texas Tech is pretty good and Oklahoma seems to be improving, but I think the Big-12 is getting more credit than they deserve at the moment.
The Big-10 is pretty solid but not as solid as they have been in recent years. Both Penn State and Ohio State are good teams but thats really it. Northwestern had a good run for a while and Wisconsin played good football at times. But I feel that both Michigan and Minnesota were disappointing.
The Pac-10 is much stronger than they get credit for. USC has been #1 for what seems like forever and Oregon has had a heck of a season (only losing to USC). UCLA also played a very good season finishing 9-2 (somehow they lost to Arizona). I"m not really sure what happened to Arizona State, they have a good team but seemed to collapse this year for some reason. I think that Washington State will improve greatly over the next couple years and possibly compete for a conference title-they seem to be getting stronger each week. And finally, Arizona looks to me to be a team that is up and coming. They have a good coach and a good system in place and a very good looking young QB taking over. I would expect to see good things from Arizona in the next few years, maybe even a return to their position form the later 1990s.