Not a team I would bet on right now. With everything they have coming back plus Ennis and the Juco player of the year, the ranking was deserved. They just haven't figured it out yet. Dorsey has been terrible so far (won't last) and Brooks gives them a much needed presence so they don't have to play twin towers all the time.
I wouldn't bet them right now, but Oregon is always a completely different team late in the year. Altman is master at getting his teams playing well when it matters. Take a look at their schedule and results over the past 3 or 4 years. They always run off a bunch of wins in a row the second half of conference play.