Is that we get to 11-0, and are basically told by the CFB committee (by virtue of the rankings) that we will not make the playoff DESPITE the fact that the top 3-4 teams all have at least one loss and as many as two. Tom Holmoe then takes to the airwaves to decry the unfairness of the whole situation. BYU callers flood the airwaves of talk radio and inundate the interwebs with incessant moaning about how badly we are getting ripped off by the system. Utah's Senators and Congressmen threaten hearings and legal action against the College Football Playoff Committee......

Then we lose 42-3 to Cal in week 12.

That would be worse than what you describe - and it's more or less exactly what happened in 2001.