So a hypothetical.

You have 3 undefeated teams  - ORE, FSU/Notre Dame, and Oklahoma at the end of the year. You have one loss OSU, MSU and NEB out of the BIG. No other PAC candidates.

Now assume MIZZOU wins SEC championship defeating an undefeated Bama/Aub to get there. You have one loss bama/AUB who just lost the SEC Championship game and one loss MIZZOU SEC Champ who lost at home in week 4 to lowly Indiana. 

Under this scenario, Does the SEC Champ miss the playoff? I say definitely if we are talking about a one loss MSU team. I say a one loss NEB whose only loss is to MSU even would get the nod. However, not so sure about a one loss OSU team to Va Tech.  At the end of the day though, I just cant see how an SEC team would have street cred over another one loss team if the SEC team's loss is to Indiana