Again, I don't want to put myself in a position where I sound like I think FPI is "good". There were more predictive models this year. A FPI critique I haven't seen anyone make yet is that they don't show their math relative to others. For example, it would be nice to know how win probability gets weighted relative to offensive or defensive efficiency ratings. It's always been too much of a black box for my tastes.
But to your question...just looking at Texas' schedule tells the tale:
-Lost to OU by 7 (ranked 5th).
-Lost to OK St by 8 (ranked 7th).
-Lost to Baylor by 7 (ranked 15th).
You can also play with the
Resume and
Efficiency rankings too to dive a bit deeper. At the end of the day Texas is ranked 0.4 points higher than UK which is pretty marginal imo. Looks to me like UK gets dinged that it's win probability suggests it was really a 8.5 to 9 win team based on the fundamentals.