Does UK have a serious chance at the BCS Championship game? Probably not. We shouldn't be outranking Florida, that's for sure. Not unless we beat them, at least.
The SEC is just murder on football teams. Florida, UK, and LSU could beat each other fairly consistently, but could take any other team in the country on any given night. UK could even have trouble with Tennessee at the end of the season (and boy, is that a turnaround). I don't think any SEC team will be able to go unbeaten to get to the BCS championship, and with things as squirrelly as they are this year, that could be the only thing that puts a team in.
It's just amazing that we've gone from the cellar of the SEC to a reasonable chance at a real bowl and an outside chance of BCS contention. Yes, it may have taken a weak year nationally to do it, but whatever it takes. :)