Just now while waiting at the pharmacy I had the chance to peruse 3 college sports periodicals and all three (Lindy, Steele & Athlon) had Utah picked 3rd in the South behind ASU and USC. One, Athlon I believe, had Utah and UCLA tied in the 3rd slot.
And since USC is not eligible, they really had Utah picked second in the south. So SI wasn't that different from anyone else.
There's a difference between being picked first because you are indeed the best as opposed to being picked 3rd but because the better team is ineligible you get to move up a spot. You may get to occupy the 2nd spot when all is said and done but you're still only the 3rd best team.
Also, regarding the grand scheme of things in the PAC-12 I think 5th overall was the best ranking that the Utes received. OU, OSU, ASU and USC were all picked over the Utes. I know, I know. That would translate into 4th because USC is ineligible. Clearly.