Depends. IF Clemson won, they get in with the auto bid. The four highest rated conference champs get the byes. However, both Arizona State and Iowa State are ranked just ahead of Clemson and they play for the Big 12 title
Would they move a 3-loss Clemson ahead of a 2-loss ASU or ISU Big 12 champ who was ranked ahead of Clemson prior to the conference championship games?
It would be insane to think Clemson could go from ranked 17th to the #4 seed, but someone is going to make a big jump if SMU loses, either ASU, ISU or Clemson who are ranked 15, 16 and 17.
If Clemson wins a close game, I could see the 10-12 spots being: ASU/ISU, Clemson, SMU. ASU/ISU would get the #4 seed. Bama would get nudged out by SMU as the committee has signaled they aren't going to penalize anyone and bounce them from the CFP for playing in a conference title game.
Now, imagine a scenario where #17 Clemson knocks of #8 SMU and #20 UNLV knocks of #10 Boise State. BSU presumably drops out and UNLV takes their spot....BUT the committee has indicated they are not inclined to penalized teams for conference championship games. There are really only 4 spots up for grabs, currently held by ASU (projected), Bama (projected), BSU and SMU. OSU, UT, PSU, ND, UGA, IU, OU and Texas are locked in. It would be chaos if both UNLV and Clemson win.
The system is obviously VERY flawed and I'm not sure why nobody really noticed it.