It is certainly interesting to think about. Furthermore, by taking our bias out of it, it breaks down like this with the undefeateds:
Big 12: Baylor or TCU or OSU
Big 10: Iowa, OSU or MSU
SEC: LSU
Pac 12: Utah
ACC: FSU or Clemson
That's it. I just don't see them taking anyone with one loss over an undefeated power 5 team. No way. So the thing about the playoffs, they don't start at the end of December, they already started.
As far as priority goes, if LSU makes it unbeaten they would be in. With all the love of offense and no defense with the big 12 the winner there is in. Utah is in if they make it. Obviously OSU and MSU would be in. But depending on what happens to Notre Dame, Iowa will probably have a better resume than Clemson. They only have to play 2 teams that had a prayer of being ranked, both at home. Plus maybe Pitt in the championship game which we beat. Not counting Pitt, we would have played 3, 2 on the road and one neutral.