In the (knock on wood, flush ice cubes down the toilet, etc.) unlikely event that Penn State wins out and makes the B1G Championship game over Ohio State and Michigan, could the committee put Ohio State in over PSU or the B1G west winner? I think that it is entirely possible.
Let's say that Penn State wins out and finishes with one loss. Michigan loses to Iowa this weekend and then OSU, giving them two losses. OSU wins out meaning they finish with one loss. Now, let's say that 2-loss Wisconsin wins the Big Ten Championship game in a relatively close fashion.
This would mean that Penn State now has a third loss, ending their chance for a playoff bid. Could the committee put an 11-1 Ohio State with at least 3 top-15 wins in over a 11-2 Wisconsin team who the Bucks beat head-to-head? Ohio State would be the only B1G team with one loss, and they would certainly have the best S.O.S and most impressive wins of any Big Ten team. If Louisville loses another game, I could definitely see this scenario coming into play. It is certainly something to think about.