Since we only have one year of mega-conference data I'm obviously looking at 2024 here.
A couple early points:
In the SEC the contrast between Florida and Mizzou is stark. Mizzou finished a game better at 5-3 vs 4-4 for the Gators but the Gators did it while facing nearly all of the best teams in the league. They lost to all three SEC playoff teams:
- in OT in Knoxville
- by two TD's in the WLOCP
- by a lot in Austin
Their other loss was to 5-3 aTm. Those are all "good" losses. The Gators also beat two teams that finished 5-3 in the SEC (LSU and Ole Miss). That 2-4 record against SEC teams that finished with winning records isn't great but it is a hell of a lot better than Mizzou did in those games:
- Lost by 31 in College Station
- Shutout 34-0 in Tuscaloosa
- Lost by 4 at USCe
Two points:
- Florida's .500+ SEC opponents were better than Mizzou's
- Florida's record against .500+ SEC opponents was better than Mizzou's
Florida was a better team, plain and simple. They finished with a worse record because they played a tougher schedule.
Now coming home to our league, the following is sorted by cumulative league record of league opponents (this is one of the league's tiebreakers and was THE tiebreaker that sent PSU to the B1GCG instead of IU):

Indiana is the real outlier here and it helps to explain the gaudy record that they put up in 2024. They only played two B1G teams that finished .500+ in the league (tOSU and Michigan). In those games they barely survived Michigan at home and got smoked in Columbus. They missed:
- 9-0 Oregon
- 8-1 Penn State
- 6-3 Illinois
- 6-3 Iowa
- 5-4 Minnesota
If the Hoosiers had played four or five of the .500+ teams like most of the league did they very likely would have lost another game or two.
Here it is sorted by wins over .500+ teams:

Oregon had some good luck in the scheduling department too. I'm not trying to take away from their accomplishment, going 9-0 is great but . . .
They only had one challenging road game, their road opponents were:
- 0-9 Purdue
- 3-6 Wisconsin
- 3-6 UCLA
- 5-4 Michigan
They got Ohio State at home and won by a single point. They got Illinois at home. Those two plus Michigan are the only .500+ teams that they played. Would they have finished 9-0 if their schedule had included Penn State in Happy Valley, Indiana in Bloomington, and Iowa in Kinnick?
I point all of this out because, going forward, it is going to matter pretty much every year. There are going to be teams like Indiana that are pretty good but not great that get a lucky draw and end up in the CFP and there are going to be teams like Florida that are frankly probably better than Indiana that get a tough draw and end up around .500.