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2012 always interests me when it comes to what-if playoff talk, for obvious reasons.  It included 2 SEC teams in the top 3, but they hadn't played each other yet.  That would be a big deal, imo, if it ever came about again (for any conference).
It also involved ND.
A PAC-12 team ranked higher than the PAC-12 champ (and with 1 fewer loss)
A conference champ ranked 5th, behind a non-champ
1. 12-0 ND
2. 12-1 Alabama (SEC Champ)
3. 11-1 Florida
4. 11-1 Oregon
5. 11-1 Kansas State (BigXII co-champ)
6. 11-2 Stanford (PAC Champ)
In this example, I think Florida was safely in, as they hadn't had their shot vs Bama yet.  The real debate would be tween Oregon, KSU, and Stanford.  Oregon's only loss was to Stanford, and one of Stanford's losses was to ND already.  
I assume they'd omit the unsexy helmet of KSU, fair or not, and it would be a toss-up between the Ducks and Trees.

Lowest ranked major conference teams with 0, 1, or 2 losses; BCS and CFP era (using final pre-bowl AP poll):
1998:

• Lowest ranked undefeated:  #1 (Tennessee)
• Lowest ranked 1-loss:  #9 (FSU, tOSU, KSU, Zona, UCLA, Wisc)
• Lowest ranked 2-loss:  #17 (UF, aTm, Arky, GaTech, UVA, ND)

1999:

• Lowest ranked undefeated:  #2 (FSU, VaTech)
• Lowest ranked 1-loss:  #7 (UNL, KSU)
• Lowest ranked 2-loss:  #15 (Wisc, Bama, TN, M, MSU, MissSt)

2000:

• Lowest ranked undefeated:  #1 (OU)
• Lowest ranked 1-loss:  #6 (Miami, FSU, Wash, OrSU, VaTech)
• Lowest ranked 2-loss:  #16 (UF, Ore, UNL, ND, Tx, Clemson)

2001:

• Lowest ranked undefeated:  #1 (Miami)
• Lowest ranked 1-loss:  #7 (Ore, UNL, UMD, IL)
• Lowest ranked 2-loss:  #13 (Colo, UF, TN, TX, OU, Stan, WSU)

2002:

• Lowest ranked undefeated:  #2 (Miami, tOSU)
• Lowest ranked 1-loss:  #4 (IA, UGA)
• Lowest ranked 2-loss:  #11 (USC, KSU, WSU, OU, TX, ND)

2003:

• Lowest ranked undefeated:  n/a
• Lowest ranked 1-loss:  #3 (USC, LSU, OU)
• Lowest ranked 2-loss:  #10 (M, TX, TN, tOSU, FSU, Miami)

2004:  

• Lowest ranked undefeated:  #3 (USC, OU, Aub)
• Lowest ranked 1-loss:  #6 (Cal, Tx)
• Lowest ranked 2-loss:  #16 (UGA, VaTech, IA, LSU, M, Wisc)

2005:

• Lowest ranked undefeated:  #2 (USC, TX)
• Lowest ranked 1-loss:  #11 (PSU, Ore, WVU)
• Lowest ranked 2-loss:  #18 (tOSU, ND, Aub, UGA, Miami, LSU, VaTech, Bama, Louisville, UCLA, TxTech)

2006:

• Lowest ranked undefeated:  #1 (tOSU)
• Lowest ranked 1-loss:  #6 (UF, M, Louisville, Wisc)
• Lowest ranked 2-loss:  #16 (LSU, OU, USC, Aub, ND, WVU, VaTech, Wake, RU)

2007:

• Lowest ranked undefeated:  n/a
• Lowest ranked 1-loss:  #8 (tOSU, Kansas)
• Lowest ranked 2-loss:  #12 (LSU, OU, UGA, VaTech, USC, Mizzou, WVU, ASU)

2008:

• Lowest ranked undefeated:  n/a
• Lowest ranked 1-loss:  #8 (UF, OU, TX, Bama, USC, PSU, TxTech)
• Lowest ranked 2-loss:  #12 (tOSU, Cincy)

2009:

• Lowest ranked undefeated:  #4 (Cincy)
• Lowest ranked 1-loss:  #5 (UF)
• Lowest ranked 2-loss:  #11 (Ore, tOSU, GaTech, IA, PSU)

2010:

• Lowest ranked undefeated:  #2 (Aub, Ore)
• Lowest ranked 1-loss:  #7 (Wisc, Stan, tOSU, MSU)
• Lowest ranked 2-loss:  #16 (Ark, OU, LSU, VaTech, Mizzou, OkSU)

2011:

• Lowest ranked undefeated:  #1 (LSU)
• Lowest ranked 1-loss:  #4 (Bama, OkSU, Stan)
• Lowest ranked 2-loss:  #17 (USC, Ore, Ark, Wisc, USCe, KSU, M, VaTech)

2012:

• Lowest ranked undefeated:  #3 (ND, tOSU)
• Lowest ranked 1-loss:  #7 (Bama, UF, Ore, KSU)
• Lowest ranked 2-loss:  #14 (UGA, Stan, LSU, aTm, USCe, OU, FSU, Clemson)

2013:

• Lowest ranked undefeated:  #1 (FSU)
• Lowest ranked 1-loss:  #7 (Aub, Bama, MSU, Baylor, tOSU)
• Lowest ranked 2-loss:  #13 (Stan, USCe, Mizzou, Ore, OU, Clemson, OkSU)

2014:

• Lowest ranked undefeated:  #2 (FSU)
• Lowest ranked 1-loss:  #6 (Bama, Ore, Baylor, tOSU, TCU)
• Lowest ranked 2-loss:  #8 (MSU, MissSt)

2015:

• Lowest ranked undefeated:  #1 (Clemson)
• Lowest ranked 1-loss:  #7 (Bama, MSU, OU, IA, tOSU)
• Lowest ranked 2-loss:  #13 (Stan, ND, FSU, UNC, TCU, NU, OkSU)

2016:

• Lowest ranked undefeated:  #1 Bama
• Lowest ranked 1-loss:  #4 (tOSU, Clemson, Wash)
• Lowest ranked 2-loss:  #14 (PSU, M, OU, WVU)

2017:

• Lowest ranked undefeated:  n/a
• Lowest ranked 1-loss:  #6 (Clemson, OU, UGA, Bama, Wisc)
• Lowest ranked 2-loss:  #12 (tOSU, USC, PSU, Miami, Wash)

2018:

• Lowest ranked undefeated:  #3 (Bama, Clemson, ND)
• Lowest ranked 1-loss:  #5 (OU, tOSU)
• Lowest ranked 2-loss:  #12 (UGA, M, WSU)

I see folks on FB saying they don't like blowouts but want an expanded playoff at the same time.  One wanted the latter at 16 teams but have OU and ND not included.

This year was unusual in several respects, including having 3 P5 teams undefeated.  There was an apparent gap between 1-2 and 3-4-5-6, but expanding the playoff doesn't fix that.  And we might yet find that Bama blows out Clemson (or vice versa) and there really was only one team worth noting.  Clemson's best wins are close over A&M and Syracuse, and now ND (who is not looking great).

Otherwise, Clemson pushed around some pretty bad ACC teams.  Their new QB is really impressive and they can run and play defense, so I think they are a solid team though.

Some claimed ND played a weak slate, so I noted that Clemson played a rather similar slate, perhaps not even as tough.

Just about everyone's schedule can be criticized in most years.  And obviously a lot depends on how you hammer the mediocre teams.

The weak ND schedule seems like bad luck more than anything. If I said you’d play:

USC
Stanford
FSU
VT
Michigan 
NW

That probably is fine. Granted they got 10-win Syracuse, bowl level Vandy. In terms of recent history, the worst teams there are Ball State, which was kinda OK when that was scheduled, Vandy and Syracuse. The fourth worst team from the perspective of what they should be in the recent era is Pitt, ehhh has at least bowled in 10 of 11 years.

ND will join a conference, perhaps, AFTER they are left out with a 12-0 season. of left out several times with 11-1 seasons.

The Big 12 got a CG because of that.

because they're sheep