I don't know that they really have a good shot to do that this year.
Georgia and perhaps Michigan are locks regardless of result (most likely, unless they get blown out.) One of Washington or Oregon should get the third spot, and then FSU or TX (should FSU lose and TX win.) Not many avenues.
That and how would you put OSU in and not Michigan considering Michigan won the H2H?
Believe me- I so, so desperately don't want OSU in either but it would take some extraordinary scenariou for it to happen I think.
I don't think the committee could reward a team with a playoff spot for losing a H2H and then not playing in a conference title game the following week if the team that beat them lost said title game and was left out. That would be a terrible precident to set. Any scenario where Ohio State qualifies should also require Michigan to qualify.
I think FSU, Texas, and Alabama would have to lose, and maybe even Oregon to be safe, depending on how you rate a one-loss Washington against OSU.