The Mountain West is a non-BCS conference. However, this year they have three teams ranked in the BCS top 15: Utah (8), TCU (12). and BYU (15). These teams are the top MWC teams, but there are also three other noteworthy teams in the Mountain West.
These other teams are Air Force, Colorado State, and UNLV.
Air Force is on the verge of being ranked. In fact, they are ranked in the Harris Poll and receiving votes in other polls. What really hurt Air Force was their loss to Navy, whom they always seem to have a problem with for whatever reason.
Colorado State has won every one of their out of conference games, including wins over Pac-10 teams. Against the top teams in the MWC (Utah and BYU), they have played extremely close and put up quite a battle
UNLV has taken down a top 15 team in ASU when they were No. 13. The Rebels have also played TCU and BYU very closely. Watch out for the Running Rebels.
Now the bottom of the conference is kind of pathetic. New Mexico is okay. They did take down Arizona and played Utah really well. Wyoming has two wins, one against San Diego State and one against a D-II team. SDSU is horrible—they lost to both Notre Dame and Wyoming.
When you look at it, though, the top half of this conference is tough, with no pushovers at all. Perhaps the MWC could be considered elite even if they aren't exactly in the BCS.