If Penn State and Georgia both win, I think the committee keeps Notre Dame at 6 and drops Texas to 7 to set up a first-round Notre Dame vs. Alabama matchup. That’s the game they want, and it’s easy to justify placing a one-loss Notre Dame ahead of a two-loss Texas.
The only obstacle to this scenario is that a 7 seed Texas would likely play 2 seed Georgia in the second round. The committee might want to avoid a rematch from SECCG, especially if the alternative is texas v bam in the first round, which would be a huge draw as well. I really don't know how they can avoid it - would be a tough sell to bump Georgia over Penn State if they both win, and no chance they give SMU the 2 seed over Georgia. That's just too obvious.
If Texas and Oregon both win, the committee has a real chance to demonstrate its commitment to fairness for conferences outside the SEC and Big Ten. They will bump the Big 12 champion over a three-loss Alabama. Then, they'll trot out that Shrek-looking asshole from Michigan to deliver some nonsensical justification for their decision.
Most fans may disagree, but I’d take the 5 against Alabama over the 7 against Indiana. Sure, Alabama is the tougher opponent, but at some point, this team needs to drop their balls and beat 'em.
The 7 seed scenario - Indiana at home and then Georgia in Atlanta - would be awful IMO. Yes, Indiana is the weaker team and ND should coast, but it’s such a shit game compared to a game against bama. And after that, you’d have to face Georgia in what’s essentially a home game for them.
Alabama could absolutely come to South Bend, beat Notre Dame, and make a run of their own. But I’m willing to take that risk given the potential reward. If ND plays to their potential and bama struggles to stop the run and plays poorly on the road like they have several times this year, ND could put absoute ass beating on them. A win like that could spark a deep playoff run and may change the trajectory of the program. I’ll take that chance every time.