It will be very interesting to see what happens w/ the rankings in that scenario. I assume Clemson wins out and is #1. If Alabama wins out then they're #2. The Michigan State/Iowa winner would be #3. Who would get that #4 spot, though? My guess is Stanford, but there'd be serious debate as to who it should go to between Stanford, Oklahoma State, tOSU/Michigan winner and the Iowa/Michigan State loser.
The best way for the B12 to be shut out of the playoffs would be for Notre Dame to beat Stanford, Oklahoma State to beat Oklahoma, and TCU to beat Baylor. At that point it'd probably be Clemson, Alabama, B10 champ, and Notre Dame in the playoff.