I'll be devil's advocate. Their losses were close except for Auburn, which was at the beginning of the year. You look at the teams ranked 21-25 like Colorado State and Boise State, and I would have a hard time saying Arkansas is not better.
That brings up the question of what we want the rankings to be. When you have a true playoffs system like the NFL, the standings have perfect memory and only care about wins and losses regardless of when or how they happened. But that may not determine which team is best.
I'm in the camp that five losses are five losses, regardless of their quality or when they happened. The logic applied for the ranking selection would make the NFL playoffs VERY unfair. The NFC south gets a team like the AFC east. But it seems to work alright since the results on the field and not subjectivity are what matter.