When the "championship" game is against 3 loss Utah -- the team they lost by 31 to two weeks ago. Yes, it has little meaning. When beating 3 loss Utah would only get you to the same amount of wins as all the other 2 loss teams -- yes, the "championship" has little meaning.
Michigan could lose and still have a WAAAAAAY better resume than Oregon. They both played Washington and Ohio State. Oregon struggled with Washington. Michigan absolutely hammered Washington, rushing for 350 yards and winning by 3+ scores. Oregon beat OSU, minus Henderson and Stroud starting only his 2nd game. UM beat OSU with Stroud having a full year of experience and with Henderson, while rushing for 300 yards.
Michigan also beat Penn State and Wisconsin, both better wins than any win that Oregon has. Tell me how the committee says Oregon is the better team? Because they get to play in the PAC? Using that logic -- Pitt or Wake Forest should get in over 2 loss Bama or 2 loss Michigan. If Pitt wins, they will have one common opponent with Michigan. Western Michigan. Pitt lost to Western Michigan, Michigan beat WMU by 40. But they'd have a conference title.
The CFP is about putting in the 4 best teams. In absolutely no scenario, when you take the year, as a whole, would Oregon fall into the top 4 category. None. Cincy could lose to Houston and I'd put Cincy in over Oregon. It'd be a better loss than any either loss Oregon had as long as they didn't lose by 4+ tds.