Which sounds about right. If you look at rankings since the CFP started (2014): one loss P5 teams usually end up in the top 6; two loss P5 teams end up in the top 12 and 3 loss teams go down to around 20 depending on SOS and who they lose to.
#8 pretty much means 10-2 regular season and wins in Bowl/CCG. Team Composite Calculator would give you 9-3 (losses to Florida, SC & Oregon). I wouldn’t say that anything between 6 and 15 would be out of line for 2022 Utah at this point.