Historically speaking, here is how the playoff committee operates (please bear in mind these rules only apply to the power-5):
1) The most important factor: fewest losses. This seems simple enough even though right now the rankings don't show it as there are a couple undefeated teams outside the top-4. While they don't order things perfectly according to losses in their final rankings, fact is no team has failed to make the playoffs in lieu of a team with more losses. This bodes well for Wisconsin and Miami controlling their own destiny, even though they are currently on the outside looking in (especially since Miami still has 2 games left against teams ahead of them). But even when a lot of people thought Stanford (2015) or Penn State (2016) deserved to go, that 2nd loss was just too much to overcome.
2) Second most important: Winning the conference. This works as a tie breaker for teams with equal numbers of losses. It propelled Michigan State over Iowa and Ohio State in 2015. Only 1 team has made the playoffs without winning their conference, OSU last year (but they got in on the strength of being 1 of only 4 teams with only 1 loss or fewer). This might work to hurt the loser of Alabama-UGA.
3) Third most important: Winning the conference championship game. Playing in and winning a CCG gives a team a boost over a team that wins their conference without a CCG, like the Big XII in 2014. This is not relevant anymore as we all play CCG's now.
