It’s a distinct possibility, for right or wrong.
For the record I don’t think Oklahoma State would have beaten LSU in 2011, and in 2017 Ohio State (a 2 loss champ at that) would not have beaten Georgia or Clemson, and already failed to beat Oklahoma at home early in the season.
But that’s the limitation of a four team playoff. Someone is going to get left out and the last spot or two have proven to be controversial selections quite often.