For all practical purposes the Oregon Ohio State winner should win it all. But Texas, Georgia, Penn State, or whoever they meet in the later rounds will make it tough.
IMHO, it comes down to if Georgia can play well with backup QB Stockton, which they did well with him in the 2nd half of the SEC championship game against Texas. In fact, most of Georgia's points in that game were with Stockton.
Don't be surprised if the southeast region wins the championship for the 19th time out of 20 years. (2014 winner Ohio State was the only time since 2004 USC that a team outside the southeast won the championship. Except for Ohio State, even when a non-SEC team would win it it was someone in the southeast region like Texas, Clemson, or Florida State.)
Sounding like a grouchy geezer, but the first round was a giant bore. All the teams that were scheduled to win did so; the games were essentially over after the first quarter. No game was ever in doubt, so it was okay to stop watching early. Next time, we should just have a vote for the first round teams and prevent the injuries and frustration.