It's tough.
For Texas, they have a couple of really solid wins, but losing to Florida is a bad loss, and one-score wins over Kentucky / MissSt aren't really all that impressive. And yeah, they beat the pants off bad teams like Arkansas, Sam Houston, UTEP, and SJSU, as they should, but they should also have beat the pants off Kentucky and MissSt. I don't fault them for losing on the road in a one-score game to OSU. But have they done enough to overcome the losses? I think so with wins over three teams currently ranked.
For Michigan, it's harder. The losses are worse. Yeah, there's no loss to a team like Florida, but every loss was a 2(+) score game. And who have they beaten? Their best win will likely be Washington who likely will be 8-4 and unranked after today. They haven't shown they can compete with the CFP field. They've lost by 2(+) scores to every ranked team they've played.
I agree with utee that the one thing we want to avoid is penalizing a team for scheduling tough.
But I think that when we look at 3-loss teams, Texas at least has an argument, whereas Michigan doesn't. But it'll ultimately come down to what slots are available. Texas will still likely be an "end of CFP field" team, i.e. 10-12 seed, and you have to ask whether there are teams that have proven themselves more worthy of that spot. Ultimately they're going to need some sort of carnage from a couple teams ahead of them to slide in...