KenPom has a nice blog post about the value of altitude and the Buffs are specifically mentioned.
It, like everything else Ken does, is worth your time to read. One thing I find interesting is that he thinks that high altitude teams might be at a disadvantage at lower altitude.
A bigger sample is available if we look at the University of Colorado during its time in the Big 12. For 15 consecutive seasons the Buffaloes played a home and away series with Kansas, Kansas State, Missouri, Iowa State, and Nebraska. In 75 games at Boulder over that span, the average margin was Colorado +1.5 and in the 75 games at lower elevation, Colorado’s average margin was -13.0, for a whopping 14.5 point difference, leaving 6.5 points unexplained.
It, like everything else Ken does, is worth your time to read. One thing I find interesting is that he thinks that high altitude teams might be at a disadvantage at lower altitude.
Perhaps higher elevation teams are in poorer shape than their lower elevation counterparts, an effect that is overwhelmed when the lower elevation team is suddenly deprived of its usual oxygen, but appears at sea-level when both teams are on equal footing air-wise.