In the past 40 some years only one team with two losses has been national champion, and it would be pretty ballsy of the committee to invite a 2 loss team into the playoffs over a team with only one loss. But there are some interesting scenarios that could play out:
- Washington loses to Washington State. Washington State or Colorado coule conceivably win the PAC 12 as a two loss team
- Penn State wins out (and wins their division in the process), then lsoes to Wisconsin in the Big 10. That would leave the Big 10 with a 2 loss Champion as well.
- Oklahoma wins the Big 12 and is a two loss team.
You now have three of the Power 5 conference champions with two losses. The SEC doesn't seem to have anyone worthy of a 2nd spot in the playoff. The winner of Michigan/Ohio State would have a single loss and would likely go to the playoff but would do so ahead of the conference champion. Unless you invite the champion to the playoff with two losses. The loser of this game is done.
Louisville would look pretty good as a pick with only a single loss but their strength of schedule is also not as strong as other contenders. If West Virginia runs the table and wins the Big 12 they would almost have to be invited as a one loss team.
I still think Ohio State is the best of the rest by a long shot and think the committee is looking for some way to get them in provided they keep winning.
If the Big 12, Pac 12, and Big 10 all had 2 loss champions the committee pretty much has to pick one (or more) of them to go to the playoff. My money would be on Wisconsin in this scenario as it would allow Ohio State to go as well without too much controversy.