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The Ole Miss Rebels remain the top-ranked two-loss team in the nation, coming in at No. 8 in the latest College Football Playoff rankings. Alabama made the most noteworthy jump, climbing from No. 5 all the way to No. 1 after defeating then-No. 1 Mississippi State this past weekend in Tuscaloosa. They join the now-No. 4 Bulldogs, Florida State, and Oregon as the four teams who would be eligible for the national championship if the season were to end today.
Ole Miss is just behind one-loss Baylor and just above a two-loss UCLA squad, and would need nothing short of a miracle or ten to break into the top four. Left on Baylor's schedule are Oklahoma State, Texas Tech, and Kansas State, two of which will be less-than-worthy tests, but tests nontheless. Above Baylor in the rankings is an Ohio State team that doesn't at all look like a team that's about to lose, unless they get Melvin Gordon'd in the B1G Championship Game. And No. 5 TCU isn't about to lose to Texas or Iowa State, in my view.
Still, if the Rebs take care of business and get some help from Auburn, Oregon State, Kansas State, and Wisconsin, there's a shot. As has been often repeated on this here website, it's a very long shot, but it's a shot nonetheless.
The full rankings and a look ahead for each team are as follows:
| Rank | Team | Last week | Week 12 result | Toughest opponent left (per F/+) | If the season ended today ... |
| 1 | Alabama (9-1) | 5 | Won 25-20 vs. No. 1 Mississippi State | Auburn | Sugar Bowl vs. Mississippi State |
| 2 | Oregon (9-1) | 2 | Idle | Oregon State | Rose Bowl vs. Florida State |
| 3 | Florida State (10-0) | 3 | Won 30-26 at Miami | Boston College | Rose Bowl vs. Oregon |
| 4 | Mississippi State (9-1) | 1 | Lost 25-20 at No. 5 Alabama | Ole Miss | Sugar Bowl vs. Alabama |
| 5 | TCU (9-1) | 4 | Won 34-30 at Kansas | Texas | New Year's bowl |
| 6 | Ohio State (9-1) | 8 | Won 31-24 at No. 25 Minnesota | Michigan | New Year's bowl |
| 7 | Baylor (8-1) | 7 | Idle | Kansas State | New Year's bowl |
| 8 | Ole Miss (8-2) | 10 | Idle | Mississippi State | Orange Bowl vs. Georgia Tech |
| 9 | UCLA (8-2) | 11 | Idle | USC | New Year's bowl |
| 10 | Georgia (8-2) | 15 | Won 34-7 vs. No. 9 Auburn | Georgia Tech | New Year's bowl |
| 11 | Michigan State (8-2) | 12 | Won 37-15 at Maryland | Penn State | New Year's bowl |
| 12 | Kansas State (7-2) | 13 | Idle | Baylor | |
| 13 | Arizona State (8-2) | 6 | Lost 35-27 at Oregon State | Arizona | |
| 14 | Auburn (7-3) | 9 | Lost 34-7 at No. 15 Georgia | Alabama | |
| 15 | Arizona (8-2) | 14 | Won 27-26 vs. Washington | Arizona State | |
| 16 | Wisconsin (8-2) | 20 | Won 59-24 vs. No. 16 Nebraska | Minnesota | |
| 17 | Utah (7-3) | 23 | Won 20-17 (2OT) at Stanford | Arizona | |
| 18 | Georgia Tech (9-2) | 22 | Won 28-6 vs. No. 19 Clemson | Georgia | Orange Bowl vs. Ole Miss |
| 19 | USC (7-3) | NR | Won 38-30 vs. Cal | UCLA | |
| 20 | Missouri (8-2) | NR | Won 34-27 at No. 24 Texas A&M | Arkansas | |
| 21 | Oklahoma (7-3) | NR | Won 42-30 at Texas Tech | Oklahoma State | |
| 22 | Clemson (7-3) | 19 | Lost 28-6 at No. 22 Georgia Tech | South Carolina | |
| 23 | Nebraska (8-2) | 16 | Lost 59-24 at No. 20 Wisconsin | Minnesota | |
| 24 | Louisville (7-3) | NR | Idle | Notre Dame | |
| 25 | Minnesota (7-3) | 25 | Lost 31-24 vs. No. 8 Ohio State | Wisconsin |
(And I wouldn't at all complain about an Orange Bowl berth. That'd be pretty fun.)