You're right as long as the BE accepts the current practice of pre-season rankings to have such an impact on the overall rankings. There is zero reason to think that a Top 15 UofL program should start next season ranked at #40... If VT sucks this year (unranked), then they shouldn't be a pre-season Top 15 the following year.
How else does a 3 loss USC team stay in the Top 20? Better yet, Miss State gets a Top 13 ranking by going 7-0 beating Auburn, Jackson St., Troy, Ky, South Alabama and Tn... Really???
The final season rankings should be used to set the following year's pre-season rankings. That way if a team cracks through in a given year, they are benefitted the following year to hold their spot and not forced to climb the rankings again. If VT finishes unranked, they shouldn't be vaulted to a Top 15 pre-season ranking simply because of recruiting, tradition, history, or whatever. And if they have a bad year, they should have to climb back up the rankings like every other team.
If the BE can have 2-3 teams begin the season in the Top 25, and go 11-1 or 12-0, they will be in the semi's. UofL would be in the Top 10 right now had they not lost to Syracuse.