Because of the rules about byes, Texas and Penn State arguably have easier paths to the final 4 than the teams who beat them in the conference championship games:
9 Tennessee @ 8 Ohio State ---> 1 Oregon
12 Clemson @ 5 Texas ---> 4 Arizona State
10 Indiana @ 7 Notre Dame ---> 2 Georgia
11 SMU @ 6 Penn State ---> 3 Boise State
I expect Georgia and Oregon to make it anyway, but Notre Dame and Ohio State/Tennessee are tougher opponents of the teams Texas or Penn State will face on their way to final 4.
Imagine this bracket instead, just using the committee rankings without reserving byes (and yes, it would probably be even better with mathematically valid, auditable computer rankings). Also even better to flip a few teams to avoid rematches if possible...
9 Boise State @ 8 Indiana ---> 1 Oregon
12 Clemson @ 5 Notre Dame ---> 4 Penn State
10 SMU @ 7 Tennessee ---> 2 Georgia
11 Arizona State @ 6 Ohio State ---> 3 Texas
9 Tennessee @ 8 Ohio State ---> 1 Oregon
12 Clemson @ 5 Texas ---> 4 Arizona State
10 Indiana @ 7 Notre Dame ---> 2 Georgia
11 SMU @ 6 Penn State ---> 3 Boise State
I expect Georgia and Oregon to make it anyway, but Notre Dame and Ohio State/Tennessee are tougher opponents of the teams Texas or Penn State will face on their way to final 4.
Imagine this bracket instead, just using the committee rankings without reserving byes (and yes, it would probably be even better with mathematically valid, auditable computer rankings). Also even better to flip a few teams to avoid rematches if possible...
9 Boise State @ 8 Indiana ---> 1 Oregon
12 Clemson @ 5 Notre Dame ---> 4 Penn State
10 SMU @ 7 Tennessee ---> 2 Georgia
11 Arizona State @ 6 Ohio State ---> 3 Texas