The BCS system is broken, and Floriduh got in by default. Floriduh is lucky they don't have to play Rutgers, or they'd get their asses kicked in that one, too.
Michigan had their shot at #1. They lost. Florida won the toughest conference playing the toughest schedule.
That's OK. I understand there is no love for the Gators. We'll see who comes out on top in January.