It is possible and there are no rules against it. Conference championships matters, but not if one team is clearly way more deserving. For example, lets say Oklahoma wins out and grabs the Big 12 title while Ohio State loses narrowly to Michigan. Would a conference championship really put Oklahoma in over an Ohio State team with one less loss and a head-to-head beat down of Oklahoma in Norman? No way in hell. The really party crasher might be Washington. The Pac 12 is a mess as usual powers Oregon and Stanford both suck. Utah and Colorado might finish the year ranked, but that is probably it. Washington looks good, but how much of that is due to putting 70 on an Oregon team that looks like 2016 Michigan State. If they finish with 1 loss or less they are probably in just because of the conference championship thing. Still, what if they lose 2 games before then? I think the Pac 12 and Big 12 would both get shut out in this scenario. You would have the SEC Champ (Bama), ACC Champ (Clemson), and Big Ten Champ (Michigan). The committee would then have to pick from a small group of 1 loss non-champs that might include Ohio State, Louisville, Houston, and Texas A&M (doubtful). In this scenario it would be very difficult to leave out someone like Ohio State that has proven they can win the whole damn thing as the number 4 seed. Nobody wants to put in an inferior 2 loss team just because of the conference title thing. Some conferences just suck and right now that looks like the Pac 12 and the Big 12. Note: I'm absolutely not buying Baylor or West Virginia.