Vanderbilt. Yikes. Similar resume to Penn State. Unfortunately, yes, Texas and Penn State are ranked as high as they are because they have good players and they MIGHT be good. We just dont know if they are good or not because neither team has played anyone. So the unknown combined with their brand name gets them a high ranking. I'm not so sure Texas should even be ranked ahead of SMU, whose wins at Lou, at Duke, and vs Pitt are better than anything Texas has. So eye test and recruiting rankings comes into play but really shouldn't.
And I think the committee is too hard on BYU. They really seem to be crediting teams for getting off the bus, showing up, but losing to really good teams. Texas and PSU got disproportionate credit for losing to UGa and OSU. I guess the logic is had they played Auburn and Rutgers instead, they'd both be undefeated and maybe they would be but they still wouldn't have a good win. BYU was penalized harshly for beating bad teams by 1 score and then losing to Kansas. A bad loss, sure. But they do have wins over SMU and Kansas State.
If you put up blank resumes of Texas, PSU, SMU, and BYU, you'd probably pick SMU and BYU but Texas and PSU benefit from the eye test, brand name, and the thought that their players are better. In any event, the 4 teams are really, really close, should they be 3, 4, 13, and 14?
I think who you beat is more important than who you lost to. I'd probably go:
1. Oregon
2. OSU
3. IU (undefeated is undefeated)
2 loss SEC teams aĺl have good wins. Bama and UGa have good losses.
4. Bama
5. UGa
6. Tennessee
7. Mississippi
1 loss P4 teams either with no good wins but a good loss or a couple good wins but a bad loss
8. BYU
9. SMU
10. Texas
11. Penn State
12. Miami
13. Notre Dame
14. Texas A&M
15. Boise