I would view what you're describing as a re-iteration of the 2010 expectations, built off of the low-expectations busting 2009 season. We were ranked in the preseason in 2010 too, and beat several ranked teams, were comfortably in the tourney as of mid-February, and to admit something I was angrily arguing against at the time, we really deserved to make it in the end. We showed a ton in that season. Not good, scrappy efforts. Big, big wins.
And JFWIW, we weren't picked top 3 in the Big Ten media poll in 2011, even with that lofty AP ranking.
I'm not saying that Richmond and Leonard were irrelevant to that consideration, but it had far more to do with Demetri McCamey being preseason first team All-Big Ten as a senior.
Put it this way, forget what our final record is this season, what we are ranked next year in the media poll will be determined by where we look like we are over the heart of Big Ten season this year. Not what the score is with 3:00 left, but how sustained a stretch of quality wins we're able to get. Which makes perfect sense. A young team that returns everybody will probably look like itself the next year, but just somewhat more often like the better version of itself. We haven't seen a "better version". Yet.
I'm 1001% behind Brad Underwood and the direction of the basketball program. But we're bad right now. Just like we're bad right now in football. I wouldn't dream of firing either coach until 2019-20 at the very earliest.
John Groce took a team with which all of these lack of talent statements were made (picked 9th of 12 in the Big Ten) and had them ranked in the Top 10 as of this date his first season. Which is to say that that sort of instant impact turnaround is both completely possible and plausible and only mildly relevant to what happens going forward beyond that.
Go get better.