In this breakdown, I'm assuming a myriad of one-loss teams will be up for consideration. And this is my prediction for a top 4 as things currently stand. It will obviously change as the season progresses:
I personally feel that any team that has been blown out (regardless of opponent or venue) should not be considered. MSU, Baylor, Ohio St, Arizona St, and Auburn currently fit that bill. It's hard for me to justify a team who's been beaten badly earning the right to take a playoff spot over any other one-loss team who has not. As the season plays out, there may be exceptions (due to SOS and win resume). All things equal, I have to drop these teams at the moment.
It's also a given that the SEC West will beat up on each other. It's also almost certain that someone will come out with more than one loss, thus dropping from consideration. It's impossible to predict who that may be right now, but it will surely happen.
Georgia could sneak in, but like ND, must run the table in order to do so. The problem is that a one-loss GA team takes a SEC spot, and the committee may end up giving the SEC West winner a spot as well. Example, Miss St wins the SEC West and is undefeated, but loses to GA in the championship. I don't see a scenario where Miss St gets left out with only one loss and their resume of significant wins.
FSU will almost undoubtedly run the table. They're in.
That leaves Oregon, ND, and the BIG12 teams. Oregon's loss to Arizona isn't terrible but it was at home and if Zona losses any more games it looks worse and worse. ND's loss speaks for itself and shouldn't count against them as much as Oregon's. TCU and KState still play each other (along with other tough match-ups against OU and Baylor). Most assume they'll sink each other. Any two-loss team drops. A one-loss BIG12 team may be able to make a case, but w/o a conference championship, I think they'll be left out.
The B1G is a weak conference. I don't buy MSU, OSU, Nebraska, etc making a solid case for taking a spot. I don't care what anyone says, they just don't have the respect this season to make it justifiable putting them in the playoff. OSU was beat by double-digits at home to WVU, MSU was beat by double-digits at Oregon. That leaves Nebraska. If they win-out, it's possible, but given their schedule, I feel others are more deserving.
Given this breakdown, I've come to the conclusion that if this season plays out as outlined, ND has a legit shot if they win out.
My current prediction:
1) Florida State - Undefeated
2) Miss State - One loss
3) One of Alabama/OleMiss, whomever has only one loss, if possible
4) ND
5) In the event that the SEC eats itself, I think Oregon is next in line, barring a major upset
Edit: The SEC West has my mind boggled at the moment. I'm not sure there's a scenario where two of those teams get in. Maybe there is. Idk.