The playoff picture is starting to get pretty clear. It may be unlikely but lets assume OSU, Clemson, and the winner of Bama/LSU wins out. That leaves 1 spot open for Oklahoma, Oregon, and the loser of Bama/LSU. So who would you pick to make and who would the selection committee pick? Here would be their resume(assuming they all win out)

• Alabama-Only loss would be to LSU with Tua not at 100%. Problem would be the only other ranked team they would play would end up being Auburn who should end 8-4. Big OOC game was Duke neutral field. They have dominated lesser teams and when comparing common opponents to Oregon they would have beatn Auburn.
• LSU-Only loss would end up being @Bama which is pretty respectable. Would have won @Texas, Auburn, Florida. Very easy end to the season so no more quality wins coming up. A lot would depend on Texas because if their fall continues that is no longer a big win in what was a fairly close game. Their strength of schedule keeps getting touted but a 7 point win over Texas, 14 over Florida, and 3 over Auburn may not be as good as it is hyped up to be at the end of the year. 
• Oklahoma-Bad loss @Kansas State but the game was close. Terrible schedule only ranked win vs Texas who as said before is falling. @Baylor is coming up and will have the Big 12 title game for another chance at a ranked win. Chance Oklahoma ends up only beating 1 ranked team all year depending on what happens with Texas. 
• Oregon-Very tricky loss to Auburn. Auburn could go on to lose to Bama, LSU, Georgia, and Florida solidifying itself as not one of the better SEC teams. Could you realistically say Oregon should be in over Bama/LSU who would have both beaten Auburn? Oregon also has a fairly easy schedule with wins so far @Washington and Arizona State and the Pac-12 championship coming up. 

The committee is pretty easy to hate on with ever changing criteria and the bottom of the rankings sometimes being very off(Fresno State being ranked because Bama beat them in 2016) but this would be a very hard scenario. Lets say a Mac Jones led Bama team loses to LSU. Could you put in Oklahoma over a team who lost because they didn't have maybe the best QB in the country? I think Oregon would have a better resume than Oklahoma but I couldn't but Oregon in over LSU/Bama because of comparing Auburn. Also if it is Bama how can you put a team in who has 1 win against a ranked team that is 8-4. LSU would have a good shot now but if Texas goes 7-5, Auburn 8-4, then Florida is the only really good win. That isn't a schedule much better than conference champion Oklahoma would have. 

I think if LSU loses to Bama they would end up #4. Oklahoma's schedule is a complete joke and KSU is a bad loss compared to @Bama. However if Bama loses I think it would be Oklahoma. I don't know how you could reward a team for playing nobody all year, lose to LSU and then get your best win over an 8-4 Auburn and say they deserve to make it in.