The ball is still in USC's court. If they beat Notre Dame next weekend, they will have beaten the Big 12 north champ, the SEC west champ, plus Notre Dame. It would be hard to deny them the #2 position in anyone's mind except perhaps Michigan fans.
The position no.
But I think we've seen the two best teams on that field in Columbus.
With a 9 vote gap between USC and Michigan, if the Trojans win out, I don't see Michigan being able to stay even in the polls or BCS. Unless Notre Dame or UCLA beats them, I think SC will pull ahead when all is said and done.