However, they weren't from the same conference.
That will hurt the loser of the OSU/scUM game....
OU was ranked #1 and lost to K-State in the Big 12 conference championship. Not sure what K-State's ranking was, but am pretty sure that it wasn't top 10, because it was a shocking upset. Yet OU only dropped to #2, ahead of a USC that only had 1 loss (and in fact was the best team in the country that year, not LSU, witness how each had fared against Auburn.)
Lose to #1 and the computers don't drop you much. Look at Texas, they were dragged down by strength of schedule (OSU and OU were the only teams they had played) but now are leapfrogging, getting a boost for a 'quality' win over Nebraska. That suggests that the OSU lost didn't hurt them that much in the computers, because OSU was #1. IIRC, the computers still don't measure margin of victory.
Not saying that my scenario is likely to happen, but Bull Crap System history suggests it is possible.