With the rise of prolific ChatGPT, the risk and consequences of AI-generated text has increased alarmingly. This triggered a series of events, including an open letter, signed by thousands of researchers and tech leaders in March 2023, demanding a six-month moratorium on the training of AI systems more sophisticated than GPT-4. To address the inevitable question of ownership attribution for AI-generated artifacts, the US Copyright Office released a statement stating that “if the content is traditional elements of authorship produced by a machine, the work lacks human authorship and the office will not register it for copyright”. Furthermore, both the US and the EU governments have recently drafted their initial proposals regarding the regulatory framework for AI. Given this cynosural spotlight on generative AI, AI-generated text detection (AGTD) has emerged as a topic that has already received immediate attention in research, with some initial methods having been proposed, soon followed by the emergence of techniques to bypass detection. This paper introduces the Counter Turing Test (CT2), a benchmark consisting of techniques aiming to offer a comprehensive evaluation of the robustness of existing AGTD techniques. Our empirical findings unequivocally highlight the fragility of the proposed AGTD methods under scrutiny. Amidst the extensive deliberations on policy-making for regulating AI development, it is of utmost importance to assess the detectability of content generated by LLMs. Thus, to establish a quantifiable spectrum facilitating the evaluation and ranking of LLMs according to their detectability levels, we propose the AI Detectability Index (ADI). We conduct a thorough examination of 15 contemporary LLMs, empirically demonstrating that larger LLMs tend to have a lower ADI, indicating they are less detectable compared to smaller LLMs. We firmly believe that ADI holds significant value as a tool for the wider NLP community, with the potential to serve as a rubric in AI-related policy-making.