The selection committee will come up with their own rankings, but this should help illustrate the process.
When the Sugar/Rose are the semifinal games (ends up with 4 at-large teams):
Sugar Bowl: 1 Florida State vs 4 Oklahoma
Rose Bowl: 2 Alabama vs 3 Oregon
Orange Bowl: 16 Clemson (ACC tie-in) vs 6 Auburn (SEC/B1G/ND tie-in)
Fiesta Bowl: 7 UCLA (at-large) vs 8 Michigan State (at-large)
Cotton Bowl: 5 Ohio State (B1G Champ) vs 10 Baylor (at-large)
Peach Bowl: 9 South Carolina (at-large) vs 26 UCF (G5 Champ)
When the Orange/Cotton are the semifinal games (ends up with 3 at-large teams):
Orange Bowl: 1 Florida State vs 4 Oklahoma
Cotton Bowl: 2 Alabama vs 3 Oregon
Rose Bowl: 7 UCLA (Pac-12 tie-in) vs 5 Ohio State (B1G champ)
Sugar Bowl: 6 Auburn (SEC tie-in) vs 10 Baylor (B12 tie-in)
Fiesta Bowl: 8 Michigan State (at-large) vs 11 Stanford (at-large)
Peach Bowl: 9 South Carolina (at-large) vs 26 UCF (G5 Champ)
When the Fiesta/Peach are the semifinal games (only 1 at-large team):
Peach Bowl: 1 Florida State vs 4 Oklahoma
Fiesta Bowl: 2 Alabama vs 3 Oregon
Rose Bowl: 7 UCLA (Pac-12 tie-in) vs 5 Ohio State (B1G Champ)
Sugar Bowl: 6 Auburn (SEC tie-in) vs 10 Baylor (B12 tie-in)
Orange Bowl: 16 Clemson (ACC tie-in) vs 8 Michigan State (SEC/B1G/ND tie-in)
Cotton Bowl: 7 UCLA (at-large) vs 26 UCF (G5 tie-in)