There really isn't any aspect that OU can point to and say we are better than Michigan. They have the same number of losses, the same number of top 25 wins (2), more top 50 wins (5 vs 3), more top 100 wins (9 vs 6), more top 150 wins (13 vs 11), better non-conference wins (FSU and Stanford vs Mercer), and a similar conference record (8-4 vs 7-4). Plus, Michigan played for the National Title last year. Whether it should or not, that matters.
OU will have plenty of chances to move up if we continue to win. The West Va loss came at a bad time in terms of other teams winning, but I have no issue with OU being behind Michigan and even Iowa (who I still say is overrated at 16). And frankly, the rankings do not matter.
As has been pointed out in another thread, we are a 6 seed pretty much everywhere right now, and I think that is fair since I think OU is a top 20-25 team as of today. If we finish 6-1, we are probably around the 15ish range, with a chance to move even higher depending on what others do. There is not a ton of distinction between the teams 12 through 28 so there is some room to move up if OU takes care of business.