USC lost to Cal. CAL! Losing to Cal is completely different than losing to K. State, the 15th ranked team at the time, in a conference title game. USC didn't even have to play in a conference title game. USC had a weak, weak schedule. Hey, congrats USC, you blew out Arizona. Pat yourselves on the back, but you don't deserve that no. 1 ranking. It should be LSU at no. 1, OU at no. 2, and USC at no. 3. And imagine that, that's basically what's happened.
Now, we can get into debates about whether or not a team that doesn't win its conference should be allowed in the NC game. Until either every conference has a title game, or none do, I don't see how you can base anything off of it.
And UT did get screwed. No. 6 in the BCS, which typically is guaranteed a BCS spot. It's a shame that the "other" rule in the BCS, that a conference can only have two teams in BCS bowls, kept them out. So, the no. 6 team gets dropped for the no. 10.
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Common Sense: It Will Take You Far In Life