I have seen this story over and over again in College Football. Just this year, every one was singing praises about Oklahoma 3 weeks ago (including myself). Ohio State's schedule has been very favorable to date but they definitely have some top challengers. Michigan and Penn State are both legit.
I am going to reserve judgement for Ohio State once they start playing some of the tougher B1G teams on their schedule.
I am still putting Georgia #1 in my rankings.
Here is Ohio State's schedule to date. Notre Dame seems like the only team in that list that will make a bowl game.
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Don't get me wrong, I think Ohio State is definitely a National Title Contender but they have a lot of football to play.