Here is are the factors I would consider when factoring who is doing well.
1. Athletic department resources- if a school with money and support wants to be good they can be. Example Ole Miss, Tennessee. Not good until they want to be. Resources for coaches, recruiting, scholarships, travel etc. Also if ALL the teams are successful, it’s a department thing.
2. Training facilities/ location. - Mountain schools have a natural advantage even if they don’t have great facilities.
3. School brand and desirability- Do students want to go to your school and do they know about it.
4. Admission standards. Not all schools are created equal. Look at the International students in the SEC or Big 12 compared to the Big 10.
To me, no Power 4 conference school can be considered punching above their weight. They are at one of the top 60-70 most well funded athletic departments. They may have challenges but if they want to be good they can be.
In general, I think the small mid majors and small private schools are doing the most with the least. Then I would throw in the small mountain schools with no budget.