Question for those statistically inclined

Pomeroy's ratings of the conferences place the Big 12 last out of the BCS conferences, but still well above any of the mid majors. After a cursory review, it looks like Colorado is way way worse than any other team in any BCS conference. How does Pomeroy calculate conference PR? I averaged the ratings earlier and didn't get his number. What happens to the Big 12 if we remove CU?