Interesting, if you go by winning percentage, you get a slightly different order:
1. Michigan 0.722
2. Notre Dame 0.717
3. Texas 0.701
4. Nebraska 0.686
Percentages are pretty hard to make up . To catch Texas (assuming a static percentage for them) would require 61 wins with no losses. On the other hand, percentages can come down (as opposed to win totals), so it would take fewer wins if UT had a worse win-loss record during that time. If Texas was to lose 26 in a row while Nebraska had a static record, then UT would fall below NU....
Still takes a depressingly long time for percentage positions to change. Plus, there could be teams in the top 5 or so by percentage that are not there by total wins.