I have to tip my hat to TCU. I was definitely one who thought they wouldn't win yesterday. They don't have an easy road of it though, as 6-4 Baylor on the road after that win against Texas is an obvious let-down game, and the Big 12 Championship likely against Kansas State would be no joke either. I'm not sold on them, but credit where credit is due. They might do it.
I think 11-1 Tennessee will in all likelihood be valued above 11-1 Michigan or Ohio State. I can't be mad about that either when you see their victories over LSU and Alabama. There aren't games of comparison on any B1G schedule... In order for the loser of Michigan/OSU to still make it, I think you're likely going to need Tennessee to lose to South Carolina or Vanderbilt (unlikely), OR for all of these to happen:
1. TCU to lose a game
2. USC to lose a game (I'm not sold on them either, but USC is USC, and they will make the playoff if the CFP committee can justify it)
3. Georgia to win the SEC
If those three things happen, I think you'll see (1) Georgia, (2) UM/OSU Winner, (3) Tennessee, (4) UM/OSU Loser... Truly make it the Power 2 Conferences.