Georgia is an excellent team but two losses will prevent a #2 spot.
What's kind of unfair about the college rankings is that a team is often penalized for being good enough to get to a conference championship game but not good enough to win it. That's exactly what has happened this year in the SEC. Florida entered the bowl season at #3 in the BCS rankings with a record of 11-1. Georgia was #7 with an 11-2 record because they lost to Alabama in the SEC championship game. Florida didn't even make it to the SEC title game because Georgia beat them during the regular season!
Fortunately, Louisville set things right by upsetting Florida in the Sugar Bowl.
I think right now, if they had a playoff with the top eight teams, I would have A&M at least at number two, with the way they closed the season.