Negatory. If OSU has one loss, it can only come in the Big 10 title game (meaning it won't win a conference title) or it will come in the regular season, likely to Michigan (whom we beat) or Michigan State (whom Michigan essentially beat). Again, that would likely shut OSU out of the league title game entirely, meaning no conference title and a vastly inferior resume to a Pac-12 champion Utah. We're late enough in the season where any loss by a Big 10 undefeated knocks them out of playoff consideration.
Not specific to the selection committee, but there were enough skeptics out there when Utah was undefeated and ranked third. It's a difficult uphill battle, and winning out won't be enough IMO. USC was a miserable loss, and our best win this regular season is to a two loss Michigan. I think the loss overshadows the win here. To have a shot, I believe Stanford will have to win out, and win out convincingly, and USC has to win out convincingly. Otherwise, too many will remember how USC batted at us like a tiger playing with a mouse. Beating a highly regarded one loss Stanford in SFO is huge.
“Children and dogs are as necessary to the welfare of the country as Wall Street and the railroads.” -- Harry S. Truman
"You never soar so high as when you stoop down to help a child or an animal." -- Jewish Proverb
"Three-time Pro Bowler Eric Weddle the most versatile, and maybe most intelligent, safety in the game." -- SI, 9/7/15, p. 107.
Usc isn't that bad of a loss. They are vaulting up the rankings and should be ranked next week. The computers think very highly of them (top ten). Plus, that two loss Michigan only has two losses because of a once in a lifetime screw up by their punter and because they had the misfortune of playing Utah. If you are arguing how we lost to usc was bad, that I have no argument for.
Stanford going into the title game 11-1 and USC winning out would be huge, absolutely. Michigan winning the B1G would be even more huge. But the committee proved to us last year that wins mean more than losses. Alabama's wins got them to #1 at the end of the year. Ohio St's wins (and SOS) got them in over Baylor and TCU despite an early, ugly loss to VaTech.