What if Alabama, Auburn, Texas A&M, and Notre Dame each have one loss? I don't think BYU jumps any of them - at least until those teams get a second loss.
But even more interesting, where does Michigan St. land if they beat Nebraska and the upsets occur? IMO, the Spartans would be right back in the thick of the playoff hunt.
There are many scenarios where both the SEC and PAC 12 champs have two losses.