Just like the Heisman race, the CFP race is still just in a "hold" pattern, pending the remaining games, including the conference title games. Everything will settle out by then. I think the worst situation for CFP hopefuls is if Alabama were to upset the Dawgs. I expect Alabama to enter that game as the underdog, and I actually think that will be good for this team.
The Iron Bowl and the Ohio State Michigan games, basically are going to determine 3 out of 4 spots in the final CFP, heading to those games. Nice semi-final games, if you will. Georgia is, assuming they win out. Winner of Alabama/Auburn goes to play them. Only Alabama can beat UGA and expect to be in. A Michigan win over OSU will take them out of consideration, and make the Big 10 lean on a Michigan Big 10 conference title victory to have a "lock" on another spot. A Michigan loss to a Big 10 east team would leave that conference potentially out to dry. Any OU loss here on out takes them out, and same for Pac 12. Cincinnati just needs to keep winning, by a little, or a lot.
Might I add, Notre Dame is creeping around again, too.