I don't know of any serious college football fan that watches his show for anything more than comedy. He occasionally does have a guest that will do some serious analysis, but I don't hear anybody say "Man, I wonder what Paul Finebaum thinks about XYZ."
Give the guy credit - he turned a regional, 365-days-a-year Alabama/Auburn smack talk radio show into a national TV show, and is one of the most recognizable media figures in college football. Also interesting that he's a Tennessee native a UT alum, although you'd never know it from watching his show. He was basically an outsider coming into that Birmingham market.