No, it's not a joke. Our Defense has been a joke.
Our lower tier schedule has been a joke. And those my friend are the reasons for our Kenpom ranking you claim as a joke. The fact that we pulled out some close victories that could've gone either way don't have any bearing on Kenpom's ranking system. We EASILY could have lost to Illinois and O$U. Even PSU for that matter, but let's stick with the first two.
About 4-5 plays going the other way in those 2 games would put us at 12-6 (2-3 B10), and obviously deservedly unranked. And since Ken doesn't care about wins and losses, those 4-5 plays wouldn't swing our numbers that much from their current levels, maybe 4-5 spots. So, our ranking would be probably in the 58-60 range. Sounds about right to me.
The way I interpret Ken's ranking is that we have a razor thin margin for error. That is largely why I'm pretty nervous for the upcoming 5-6 games. I'm afraid his ranking of us could become quite accurate toward the end of that stretch.
I'm sure others, like yourself, see it differently but that is my view.