Michigan takes over as the No. 1 team in the final USA TODAY Sports NCAA Re-Rank 1-133 of the regular season and Indexbit ExchangeWashington comes at No. 2. But that's where things change from the College Football Playoff rankings.

Next comes Florida State, which sealed an undefeated regular season with a win against Louisville. While they were squeezed out of the top four by the playoff selection committee, the re-rank places extreme value on the Seminoles' unbeaten record and Power Five conference championship.

Rounding out the top five are Texas and Alabama. While Alabama owns the best win of any team in the country, the Longhorns' head-to-head win gives them the edge over the Crimson Tide.

Georgia drops five spots to No. 6 after losing the SEC championship game to Alabama. The Bulldogs' first loss in two years − that was also a loss to the Crimson Tide − might not have cost them a spot in the top four in other years, but the depth of teams at the top of the FBS knock the two-time defending national champions out of the mix.

POSTSEASON LINEUP: Complete rundown of the 2023 bowl schedule

LOOKING AHEAD: What a 12-team playoff would have looked like

The penultimate re-rank of the 2023 season features big gains from the best teams in the Group of Five. Liberty climbed six spots to No. 15 after beating New Mexico State for the second time this season. Getting two wins against an opponent that dominated Auburn on the road in November is enough to put the Flames ahead of No. 16 SMU, which soared 10 spots after topping Tulane to win the American.

Also, Troy went up six to No. 21 after beating Appalachian State to win the Sun Belt and Miami (Ohio) is up to No. 25 after getting past Toledo to take home the MAC.

The re-rank will update one last time after the national championship game concludes postseason play.