If Alabama loses and Mississippi St. wins, I think Alabama is out since MSU would go to the SEC title game and I can't see a 2 loss team that isn't a conference champion making a 4 team playoff. Oregon could in theory survive the loss since it would still be going to the Pac 12 title game and a big win there over UCLA could be enough depending on what else happens.
The committee is very wishy washy and isn't consistent at all. MSU still #4 because teams they played were ranked at the time even though they aren't ranked now (they only have 1 win against a currently ranked opponent), but it doesn't count for TCU that West Virginia was ranked, but isn't now. Oregon gets a pass for the loss because they had injuries, but FSU gets penalized for barely beating Clemson without Winston and OSU isn't given a pass for losing when they didn't have Miller (if OSU has Miller they don't lose to Va Tech). Stuff like that is happening an awful lot with the committee. They use whatever standard they want to fit what they want to happen, and then don't apply the standards consistently.
And I agree with Mike, if OSU beats Michigan and Wisconsin convincingly, I think they make it in. That would mean OSU would finish with 3 ranked wins all on the road or neutral site i.e. Michigan State, Wisconsin, and Minnesota (I think with a loss to Wiscy, they are still ranked), and the loss was very early with a young team and the recent loss of their Heisman contending QB. They would also have the extra win that MSU, TCU, and Baylor don't have and only Baylor of those 3 would be a conference champion also weighing in OSU's favor.