The rankings make sense. Unlike the polls which are supposed to be a ranking that looks ahead as well as behind, the playoff polls is supposed to only ranked based on what has actually happened so far coupled with various metrics on efficiencies
With that in mind, Penn State should actually be 3 over Bama since PSU has wins over 18 Iowa and 14 Michigan. Penn State is currently #2 overall in strength of record. Bama only has 1 win over a power 5 team with a winning record, Tex A&M..
Of course with Bama playing LSU this week, that doesn't mean much.
The Pac 12 should be happy. With Oregon and Utah both top ten, it means the winner of their matchup will get a bump and should be a near lock for a playoff spot
Oklahoma and the Big 12 are the big losers. They are already behind the Pac 12 as the conference on the outs. It also appears that the Bama/LSU and Penn State/Ohio State losers will also be ranked ahead of them and have a better shot at a playoff as a 1 loss team.
Interesting comments by the ESPN crew. They are thinking that this is a must win for Bama. Bama's schedule is so weak this year that if they lose this game, and then do not play in the SEC champ, that they will not have the resume to get in as a second SEC team. I'll believe that when i see it.
Clemson doesn't have to worry. They win and they're in. But this ranking shows that they are out if they slip up and lose a game. I doubt that will happen though.
LSU along with the Penn State/Ohio State loser have the best chance to make it as a 1 loss, second team from a conference. Provided their loss is a close game.