There's a very unlikely but not impossible scenario that puts them in the playoff THIS year:

LSU loses a game before the championship.
UGA loses two games
UF beats LSU in the championship.

Then some combination of
Clemson loses the championship to an average UVA or VA Tech or Pitt team.
Oregon, Utah, Oklahoma and Baylor all lose one more game.

Then the CFP 4 are probably:

11-2 UF
11-1 Bama
12-1 OSU
Someone else

Not likely, but not impossible (say 5% chance).