The problem here is that you can't let you lawyerly self go here. Your statement is true in actual fact (**pushes glasses up to nose** "Well, technically there are 29 conferences, and the AAC is the 7th best, so in definition...).
But the reality is that the AAC is in a tier of conferences that have so many crappy teams that there aren't many opportunities to build your resume in conference. Because of that you cannot slip up much OOC, and if you don't schedule incredibly well, you're essentially doomed going into the conference season. See, for instance, Tulsa, who will have part of the conference crown but be left out. That doesn't happen in a conference that matters.
Or, to put it better, a conference that is not "below average" in the spirit of that statement, if not the letter.