Right now I think it's...
Georgia
Ohio State (Has to play Michigan)
Michigan (Has to play Ohio State)
TCU
Oregon
I could see the playoffs being Georgia, Big Ten Champ, TCU & Oregon if both TCU and Oregon run the table. I'm much more confident in Oregon doing that than I am TCU. I think if Oregon loses then the next two suitors are USC & UCLA if either wins out. Two loss Alabama seems out. Probably the Ohio State-Michigan loser has a shot.
Why on earth would you have one loss Oregon over one loss Tennessee when:
1) Tennessee has more quality wins (LSU + Bama vs UCLA)
2) Both lost to Georgia in Athens, Oregon lost by 46, Tennessee by 14.
Georgia
Ohio State
Michigan
TCU
Tennessee
Oregon
Honestly I'd move Michigan over Ohio State personally given OSU legitimately struggled against 1 win northwestern despite what the final score says... but that's not happening.
I'd also look hard at where TCU was given they yet again required a late rally to beat a weak opponent. If I was being serious about wanting to rank the teams, I'd have them #6 behind UT and Oregon.
I mean... who have they beat? 3-loss Kansas State that just lost to Texas at home? Then....Nobody.
What halfway decent team has TCU looked dominant against? Nobody. They've needed late rallies to squeak by against a bunch of middling to crappy teams. Tennessee dominated a solid Kentucky team and a Top 10 LSU squad in Baton Rouge.
Not to mention Playoff Comittee has already shown a willingness to put a strong one loss SEC team above them.
If I was being serious about the rankings it would be:
Georgia
Ohio State
Michigan
Tennessee
TCU
Oregon
LSU? (it's not crazy...they have more quality wins than USC Clemson or Bama)