Baylor led almost the entire game with the help of 4 picks and held on with a goal-line stand to beat Oklahoma State in the rematch, knocking Oklahoma State out of a near-certain Playoff berth and ushering in Cincinnati and probably Notre Dame, too, assuming the Bearcats take care of Houston later today.
The Baylor win moves Cincinnati to #3 with a 76.6% probability, up 28.6% from this morning. Notre Dame is another major recipient as the dynamic changes with an 11-2 Alabama: now Notre Dame is a 1-loss team with their only defeat to a solid Playoff team. At the 5 vs. 6 spot that's not a big difference, but between #4 and #5 the 1-loss team has a big advantage. The win also moves Baylor into Playoff contention but they're probably #6 with the tight win, depending on how Alabama does against Georgia. Baylor moved from a projected #11 to #6, up 26% from a mere 1.7% chance before the game.
The race for the 4th spot, assuming Georgia beats Alabama, goes like this: Notre Dame has the edge because no 2-loss team has made it, and they're competing with a couple of 2-loss teams. Alabama's hope at 11-2 rests on the assumption that they're really one of the top four teams; they'll need to play Georgia really close to win that narrative. Baylor's hope rests on the Committee valuing conference championship above all else; an 11-2 Alabama doesn't have one, and Notre Dame didn't play for one.
SportsRatings College Football Playoff Committee projection: partial update after 12/04 games as noted
LW Rnk Team CFP Rec Proj %Odds %Chg ±Chg This weekend: 1 1. Georgia 1 12-0 13-0 99.4 +4.6 --- vs. #5 Alabama 2 2. Michigan 2 11-1 12-1 85.7 +2.8 --- vs. #15 Iowa 4 3. Cincinnati 4 12-0 13-0 76.6 +28.6 up 1 (H) #24 Houston 6 4. Notre Dame 6 11-1 11-1 53.1 +22.9 up 2 5 5. Alabama 3 11-1 11-2 36.2 -1.9 --- vs. #1 Georgia 11 6. Baylor 9 11-2 11-2 27.7 +26.0 up 5 W Oklahoma St 21-16 3 7. Oklahoma St 5 11-2 11-2 8.3 -68.9 dn 4 L Baylor 21-16 8 8. Ohio State 7 10-2 10-2 4.2 -1.6 --- 9 9. Mississippi 8 10-2 10-2 2.2 -1.2 --- 10 10. Wake Forest 16 10-2 11-2 1.9 -0.1 --- vs. #19 Pittsburgh 12 11. Michigan St 11 10-2 10-2 1.6 +0.3 up 1 13 12. Brigham Young 12 10-2 10-2 1.4 +0.4 up 1 20 13. Utah 17 10-3 10-3 0.8 +0.8 up 7 W Oregon 38-10 14 14. Oklahoma 14 10-2 10-2 0.5 -0.2 --- 15 15. Iowa 13 10-2 10-3 0.3 0.0 --- vs. #2 Michigan 17 16. San Diego St 19 11-1 12-1 <0.1 0.0 up 1 (H) Utah State 7 17. Oregon 10 10-3 10-3 <0.1 -12.7 dn 10 L Utah 38-10 18 18. NC State 18 9-3 9-3 <0.1 0.0 --- 16 19. Pittsburgh 15 10-2 10-3 <0.1 0.0 dn 3 vs. #9 Wake Forest 19 20. Clemson 20 9-3 9-3 0.0 0.0 dn 1 21 21. Louisiana-Laf. 24 11-1 12-1 0.0 0.0 --- (H) Appalachian St 22 22. Arkansas 22 8-4 8-4 0.0 0.0 --- 23 23. Kentucky 23 9-3 9-3 0.0 0.0 --- 24 24. Houston 21 11-1 11-2 0.0 0.0 --- at #4 Cincinnati 25 25. Texas A&M 25 8-4 8-4 0.0 0.0 ---
The scenario changes more if Iowa upsets Michigan of course, but that can only provide even more boost for Cincinnati and Notre Dame. The only scenario that decreases odds for Notre Dame is a bad result from the Georgia-Alabama SEC title game. A very close Alabama loss is bad for Notre Dame, and an Alabama win is disastrous. The latter puts Georgia in direct competition with Notre Dame for the last spot.
Most assume that Georgia would win that battle—even getting the #3 spot to avoid an immediate rematch with presumed top seed Alabama. But on paper they aren't much different: both would have one loss to a solid Playoff team and not much in the way of big wins. Georgia's top-ranked win is 22nd ranked Arkansas, while Notre Dame beat Wisconsin who fell from the Committee rankings last week; both are 8-4. The teams SOS won't be too different, though the Alabama game will boost Georgia's ranking there.
But Georgia's play over the length of the season likely gets them the last spot, considering Notre Dame didn't have to risk getting another loss in a tough 13th game. So the Irish will root for Georgia to win big and knock Alabama out of consideration. It's the reason Georgia's odds went up 4.6% while Michigan's only went up 2.8%—the Bulldogs are in almost certainly now, win or lose, while Michigan needs to beat Iowa.
The other factor: a Cincinnati loss. One would think this clears another spot for Notre Dame but it might not be that simple. Replacing 12-1 Cincy with 11-1 Notre Dame, who lost to the Bearcats, might be a tough sell for the Committee if it's the last spot left due to a Georgia upset. Baylor would be strongly considered then. But the Committee hasn't seemed to care too much about public backlash in the past, and most commentators seem fine with 11-1 Notre Dame getting in if Cincinnati loses. The difference in overall SOS is stark and the Committee has usually valued that more than head-to-head among teams with similar records.