Still hanging out around the bottom of the Top 25.
Cincinnati could have as many as four wins against teams with < 4 losses: Houston (likely opponent in the AAC championship game), ND, SMU and UCF (the most questionable one in this group, UCF is already at 3 losses but should be favored in at least every remaining game except SMU). That doesn't necessarily mean that they have a tough schedule, however.
Beating teams that lose to 1-3 AAC teams sitting in 2nd to last in their conference (i.e. Miss State losing to Memphis this year) seems to still carry weight.
Anyway, 100% agree that Cincy's schedule isn't as tough as most Power 5 ones. But I am just pointing out that the initial "how many 3 loss or less teams you beat" view is flawed, especially when he's including wins over Group of 5 teams with 3 or less losses in the calculation (i.e. 2019 OSU had 2 of those).