Assume all favorites win out (OSU, Georgia, TCU, USC, Clemson) - think the bowls look like this:
CFP (Peach, Fiesta) - Georgia, TCU, USC, OSU.
Rose Bowl - Michigan v. Oregon
Cotton Bowl - Cincinnati/Tulane/UCF v. At Large (Penn State, Bama, Tennessee, LSU?)
Orange Bowl - Clemson vs. B1G (Penn State) or SEC (LSU, Bama, Tennessee?)
Sugar Bowl - Kansas State vs. SEC (LSU, Bama, Tennessee?)
A three loss LSU may be completely out, but they'd technically be the SEC #2 (right?). Have to hope that Penn State is more attractive than SEC teams like Tennessee and Bama. LSU winning the SEC championship is maybe the worst thing that could happen for Penn State. Georgia still probably gets a CFP slot and LSU gets in the NY6. USC losing opens the door for the UM/OSU loser to maybe get to the CFP. Should be fun to watch....
Assuming LSU finishes with 3 losses and Alabama with 2 losses, the Sugar Bowl is going to select LSU and the Orange Bowl is going to select Alabama. The final CFP rankings will be manipulated to allow that to happen. After the final 4 are selected, the bowls/ESPN/committee enter into a perfectly legal collaborative process to produce the matchups that the bowls and ESPN want. If you don't think the bowls and ESPN have any influence on the process, I've got beachfront property in Arizona to sell you (meaning anyone, not you personally Midnighter!) It happens every year and look no further than 2019 when it included Penn State in the process (CFP weekly rankings):
Nov 12 - PSU 9th, Florida 11th
Nov 19 - PSU 8th, Florida 11th
Nov 26 - PSU 10th (after the loss to Ohio State), Florida 11th
Dec 3 - Florida 9th, PSU 10th
Why did the committee flip Florida in front of PSU for that last ranking? Because the Orange Bowl wanted a home team crowd (Florida) to sell tickets against a weak UVA team from the ACC. They needed the SEC team to be ranked higher than the B10 team. So, Penn State got shuffled off to the Cotton Bowl against Memphis.
There should be no doubt in anyone's mind that the Sugar Bowl would have LSU as their first choice of teams from the SEC this year - huge home crowd interest. The head to head win over Alabama can be used as justification by the committee to place them one spot in front of Alabama. At the same time, the Orange Bowl will be thrilled to have Alabama - yes, even more so than Penn State, especially if it is a Clemson - Alabama matchup.
So, anyone that is going through a mind-numbing analysis of SOS, margin of win/loss, quality of win/loss, home or away, early loss or late loss, etc etc is wasting their time. ESPN is paying $500 MILLION per year to televise the NY6. These NY6 bowls are big time events within their respective communities. These entities have a huge say in the matchups (taking into consideration the ties-ins that corelate to each of those bowls).
ESPN - tv ratings determined by matchup's
Bowls - ticket sales and local revenue from hotels, restaurants, etc determined by matchups.
So,
LSU - Sugar
Alabama - Orange
...barring chaos of course.