I'm fascinated by the "team-X is unbeatable" trope in college football. Particularly for this Buckeye team. Have they played well in their last two games? Yes. Did they scrape by Nebraska at home, and lose to a pretty good, but not especially good Michigan team also at home? Also yes.
All of these teams within a few rankings of each other at the end of the season are pretty close to even in talent. Oregon had a spectacularly bad half and couldn't recover. That happens in this game. The Buckeyes have played well twice in a row. There's no particular reason to believe there will be a third.
I'm not saying OSU shouldn't be favored, but no, Texas is not doomed. Sorry UTee. :-)