This was meant as sarcasm, but I actually believe that it's correct. If OSU loses to *ichigan they would still have 3 wins over teams that will likely still be in the top 15 by the end of the season: 2 loss Wisc - on the road, 2 loss Neb, and (hopefully) 2 loss Big 12 champ Oklahoma - also on the road. Having that resume should be more than enough to beat out said Oklahoma team for a spot, even though they would be a conference champ. If a team like Washington or Clemson drops a game, the conversation would get really interesting. I like our resume better than clemson's, who would only have one such win (assuming their loss would be to FSU), or washington's, who has no major resume building win to speak of.
This argument doesn't work so well for Michigan as their only top 15 win at the end of the season would be against Wisc at home.
Either way, I think this argument holds more weight if we are talking about one of these two teams losing to Wisc in the title game. If you can add a top 10 win against Mich to the above resume, to have 4 top 15 wins overall - two against conference champs (okla and wisc) - we would be really hard to keep out even if we lose the title game. There isn't a resume in the country that could compare to that.