FWIW, in the scenario I posted, I think Tennessee (assuming they win out, which they easily should) would be in at #3 (with Georgia at #1 and Ohio State at #2).
I think the battle for #4 would come down to:
- Clemson
- TCU (assuming no more than 1 loss, and winning Big 12)
- Michigan (assuming only the 1 loss to Ohio State)
I think Michigan would probably get nixed first by failing to win their conference. Then it would come down to Clemson v. TCU. My thoughts on this comparison:
Best Non-Conference Win(s): Clemson (USC) vs. TCU (SMU) - Advantage Clemson
Best Conference Win(s): Clemson (Wake Forest, NC State, Florida State, Syracuse, + ACC Championship Game) vs TCU (Kansas State, OK State, Kansas, + Texas and/or Baylor and Big 12 Championship Game) - Push
"Best" Loss: Clemson (@ Notre Dame) vs. TCU (one of: @ Texas, @ Baylor, or vs. Iowa State) - Depends on who TCU loses to, but likely Advantage TCU
It would be really close, and I think it would come down to the "eye test." If Clemson blows the doors off their remaining opponents, the loss to Notre Dame may be seen as a weird one-off game. If TCU keeps playing close games, loses one and wins the others...I think Clemson gets the nod at #4. Conversely, if Clemson keeps struggling as they have the last two game, and barely edges out wins down the stretch, I think TCU probably gets in at #4.