To the question of the OP, yes, 8-4 is too optimistic ... but it's July - you should be optimistic and looking forward to college football in a little more than a month.
To those who do not get the magazine, Phil Steele has you at #74 in his Power Poll, four spots behind Vanderbilt, one spot ahead of South Carolina, five ahead of Southern Miss. New Mexico State is ranked #124 and of course Austin Peay is not ranked. The rankings of UK's other opponents are:
#1 Alabama
#6 Tennessee
#22 Florida
#23 Louisville
#29 Georgia
#35 Mississippi State
#62 Missouri
#70 Vanderbilt
#74 Kentucky
#75 South Carolina
#79 Southern Miss
#124 New Mexico State
UR Austin Peay
So this means my (grounded) expectation would be 4-8, with a very good chance to improve to 5-7 by knocking off Vanderbilt in Lexington. And of course there is nothing wrong at all with hoping for wins over Mizzou, USCe, Vandy, Southern Miss, NMSU, Austin Peay, plus one more out of those top 5.
The grounded expectation is important to understand, because it tells you whether or not you should be demanding more from your head coach than you are getting at this point in his tenure.