Yes, and it heavily weighs SOS.
It basically says that if next week, we played the most average team in the country, our offense would contribute +/- X points to the final score, our defense would contribute +/- Y points to the final score, and our special teams would contribute +/- Z points to the final score.
X+Y+Z = # of points we would beat that average team by. In this case, it predicts that we would win by about 5 points.
Our FPI looking better than our record indicates that the algorithm thinks the B1G is extremely strong this year.
Sportsbettingdime.com ranks our SOS as #4 in the nation FWIW. ESPN has us #16 in SOS, so there is definitely parity between publications, but we obviously played a brutal schedule either way.