Is USC the most disappointing team in recent FBS history?

After Saturday's 38-28 loss to rival UCLA, Southern California became the first team ranked No. 1 in the preseason Associated Press poll to lose four games in a season since Auburn in 1984.

The Tigers would end that season 9-4, and had wins over Georgia, Georgia Tech and Florida State, among others. USC has played five teams with winning records and has lost four, beating only Washington on Oct. 13.

Knowing that, is it safe to call USC the most disappointing team in recent Football Bowl Subdivision history? At least among teams that were ranked No. 1 in the preseason poll, it's possible to make that case.

But the Trojans aren't alone among teams ranked No. 1 in the the preseason Associated Press poll, as noted above. Several teams have gone from favored to win the national championship to far, far outside of the title picture altogether, as USC has done in 2012.

Here's a list of underachieving No. 1 teams since the advent of the preseason poll in 1950 – and yes, I understand that every team that starts No. 1 but doesn't end No. 1 has underachieved:

(Prior to the 1968 season, the poll only featured either 10 or 20 teams.)

USC, 2012: 7-4 (in progress)

Georgia, 2008: 10-3 (ended No. 13)

Penn State, 1997: 9-3 (No. 16)

Auburn, 1984: 9-4 (No. 14)

Michigan, 1981: 9-3 (No. 12)

Ohio State, 1980: 9-3 (No. 15)

Notre Dame, 1971: 8-2 (No. 13)

Mississippi, 1964: 5-5 (unranked)

USC, 1963: 7-3 (unranked)

Ohio State, 1962: 6-3 (unranked)

Iowa, 1961: 5-4 (unranked)

Notre Dame, 1950: 4-4-1 (unranked)

With the season finale against Notre Dame and a bowl game left to go – UCLA clinched the Pac-12 South Division with Saturday's win, so USC won't play in the conference title game – the Trojans could very well become the most disappointing preseason No. 1 team since Mississippi in 1964.

Is USC the most underachieving team in the FBS in nearly a half-century? Again, you can make that case.