I believe an interesting wrinkle on choosing playoff teams that I haven't heard discussed is the effect of a player(s) absence due to a positive Covid test.
Recall in 2014, with Barrett's injury the question was if OSU was really a top 4 team without him. 59-0 happened and it showed we were.
Say, God forbid, Fields has a positive test and he's out weeks 3-5 with the 21 day rule and we lose a game or even 2. But with Fields we kill everyone and win the conference (those losses would probably have to be to a West opponent or not to PSU/UM for that to happen). How will the committee look at OSU knowing Fields is eligible to play in the playoff and with him we are clearly one of the 4 best teams.
This goes for any school in consideration. CFP has always stated they want the 4 best teams, at least publicly. So if a team at full strength is clearly one of those do we count a loss clearly due to COVID against them?
Could be very interesting. Especially if you have 4 one loss team vying for the last spot.