My guess is that the committee would emphasize winning your conference as a prerequisite for qualifying for the playoffs so Bama is out of contention. That leaves these potential champions:

 

ACC: FSU/Duke

SEC: Auburn/Mizzou

Big12: OkSt/Baylor/Texas

Pac12: Stanford/ASU

B1G: OSU/MSU

 

For the sake of brevity, lets assume FSU and OSU win. That leaves two slots for two conference champions. With Auburn and Mizzou ranked so highly already, you have to assume that the winner of that game goes on as well. 

 

The winner of ASU/Stanford would have 2 losses. If the Big12 champ is either OkSt or Baylor (not Texas), they would only have 1 loss. So it really just comes down to a simple situation.

 

If OkSt AND Baylor lose, it is FSU/OSU/SEC/Pac12. Otherwise, it is FSU/OSU/SEC/Big12 champ.

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