Sure but the point is, with 1 loss to another top team, your own top team isn't completely out of the national championship hunt. Not even close.
And if it's a non-conference loss, your chances at winning your conferences aren't affected at all.
But of course I want Texas to whip the snot out of Michigan. Obviously. I heard from fans that attended the '05 Rose Bowl that the Michigan fans out-arroganced the Texas fans, and I find that to be completely unacceptable.
On the arrogance front, only Notre Dame fans are in the same area as Michigan.
On the impact of the game . . .
It definitely isn't what it would have been just one year ago in the 4-team CFP and it isn't even close to what it would have been prior to that.
Side note, slightly off topic:
In years past part of me would have wanted Michigan to lose just because they are Michigan but my more practical/pragmatic side would have wanted Michigan to win to help clear a path for Ohio State to the NC. I think that those second-order considerations are more-or-less irrelevant now. Ie, I think that fans of tOSU and Oklahoma can freely cheer for their rival to lose without any real concern that their rivals winning would actually be better for their own team.
Back to the game's impact:
Clearly it has no impact on the league title races and a loss here wouldn't eliminate either team from the at-large race. In this new era I think we need to think more in terms of relative chances and the path being narrowed.
For the winner:
Winning this will provide an immediate boost in the rankings. It also helps with seeding. Further, it provides some safety net in the event of future losses. The winner here is probably in with three losses at 9-3 or 10-3.
For the loser:
The loss herevis far from fatal but it narrowes the path substantially. The loser probably needs to either win the rest of their regular season games or win their CCG.