You'll have to forgive the fact that I'm a few days behind on this; I planned to do an update about Baylor's place in the polls at the time and got covered up doing other things. We're here now, though, and it's not like the rankings have changed much. In the fortuitous (for me, at least) event that you hadn't see the polls already, just act like those first two sentences don't exist and we can look at them together! Here's the link you'll need courtesy of ESPN.com.
In the preseason AP poll, Baylor garnered 9 votes to place them in an unofficial ranking of 35th (I say unofficial because the rankings only actually go to 25), just ahead of former conference-mate A&M at 36th. According to Baylor Football's official twitter account, this year marks the first since 1986 that Baylor received a preseason vote. ESPN's David Ubben has a few notes about each of the Big 12 teams represented in this poll that you might find interesting.
The situation with A&M flipped in the USA Today Poll, where Baylor placed an unofficial 31st, just behind A&M's 30th. The relative positions of the Big 12 teams in each poll are virtually identical-- only TCU moved more than a single spot between the two polls-- with Texas and OSU each being given too much preseason hype in my mind. You could probably say the same thing about OU at this point due to significant losses on the OL and at WR.
On a slightly different note, I've been trying to come up with something to do to count down the last few days before the opening of Baylor's 2012 season against SMU. I'm flat out of ideas. What would YOU like to see in the last 10 or 12 days before next Saturday?