College Football Playoff rankings takeaways: Colorado's path, Indiana undervalued

The Oregon Ducks remained No. 1 in the second set of College Football Playoff rankings, which were released on Tuesday night.

The Ducks, who currently sit at 10-0 overall and 7-0 in Big Ten play, were followed by Ohio State at No. 2 and Texas at No. 3. Penn State and Indiana round out the top five teams.

Oregon (Big Ten), Texas (SEC), BYU (Big 12) and Miami (ACC) would receive first-round byes in the 12-team playoff, while Ohio State (Big Ten), Penn State (Big Ten), Indiana (Big Ten) and Tennessee (SEC) would host games in the opening round.

With that, here is a look at my top takeaways from the second set of CFP rankings:

[College Football Playoff rankings: Oregon, Ohio State on top; Alabama enters top 10]

1. No. 17-ranked Colorado has a path to the CFP … and the national title.

The road for the Buffs to the national championship game is clean, and that's saying quite a bit in a landscape shrouded in uncertainty for other teams who could cap their season with "just" 10 wins. But the format and criteria are clear: The four highest-ranked conference champions will not only earn selection to the playoff, but will be granted a first-round bye, and the Big 12 is one of those four Power 4 leagues the 12-team CFP was designed to accommodate.

For Deion Sanders' Colorado team, the math is simple: Win against Utah on Saturday, and every game you play afterward, and it will culminate in a magical year for the Buffaloes. And all this is thanks to athletic director Rick George hiring Coach Prime and then following that bit of business with a shrewd move to join the Big 12 as the Pac-12 dissolved in front of him.

With Prime already mentioned as a favorite for a job that isn't even open yet — the Dallas Cowboys — nothing should shock you about what might happen at Colorado over the next two months and change — including winning the national title.

2. The "strength of schedule" argument can't be used against Indiana much longer.

The Hoosiers have proven themselves to be unprecedented. Not only has Indiana become the first program to notch 10 wins this season, but it has begun the season 10-0 for the first time in school history after winning a total of nine games over the previous three years combined (9-27). While the knock on this program is its strength of schedule – Indiana hasn't beaten a ranked opponent yet this season – the Hoosiers have beaten nine out of 10 opponents by 14 points or more.

While the Buckeyes needed to come back to defeat Nebraska in Columbus, Ohio, 21-17, the Hoosiers beat Nebraska 56-7 in Bloomington, Indiana. While the Buckeyes beat Michigan State 38-7 in East Lansing, the Hoosiers beat the Spartans 47-10 in East Lansing. The Oregon Ducks managed a 31-10 defeat of the Spartans in Eugene, Oregon. And while the Ducks beat Maryland 39-18 in Eugene, the Hoosiers beat the Terps 42-28.

The results might lead you to believe Indiana is not just one of the best teams in the Big Ten, but one of the best teams in the sport — given Ohio State and Oregon are ranked ahead of them.

So why is Penn State, who lost to Ohio State, ranked ahead of Indiana? Perhaps it's because Indiana hasn't played anybody, but that changes on Nov. 23. The Hoosiers get their chance to shut that discussion down against Ohio State at the Shoe.

3. A one-loss Washington State team deserves just as much consideration as a two-loss Georgia team.

Sure, Georgia can finish 10-2. But are the Bulldogs one of the 12 best teams in the sport? It already looks as if one 10-win Power 4 team is going to get left out of the CFP with five spots spoken for by conference champions and one that doesn't play a P4 schedule, but should one of the at-large bids go to a team that has struggled mightily offensively for most of the season and has only demonstrated itself to be elite defensively against Texas?

Georgia was ranked No. 12 in the second set of CFP rankings, while Ole Miss, fresh off an upset win over the Bulldogs, came in at No. 11. That means Georgia would be the first team left out of the 12-team CFP field and the Rebels would receive the No. 11 seed.

Why shouldn't that spot go to Washington State, a team that could finish 11-1 with its lone loss coming against a Boise State team that is projected to be in the 12-team CFP as the highest-ranked Group of 5 champion? Or, what about an Army program that is ranked No. 24, and could finish the season undefeated?

It's the kind of conversation that should include Notre Dame, who, like Washington State, won't play nine games against P4 opponents but is on a path toward 11-1.

The difference for Notre Dame is who it has beaten — like the team tied at the top of the SEC standings, Texas A&M, as well as previously undefeated Navy. And the Irish have an opportunity to defeat an undefeated Army team on Nov. 23. The best win on Washington State's résumé might be San Jose State, and their schedule is one they needed to make on the fly with a short-term arrangement with the Mountain West. And yet, because Washington State is a member of a conference without a championship game, the Cougars are likely to feel as if circumstance played a bigger role in them not qualifying for the CFP than their play — even in a tournament with 12 teams earning invitations.

We genuinely thought Florida State might be the last team to have done what it was asked to do to earn entry into the CFP and then get left out due to circumstance — like losing their starting QB to a season-ending injury — but we might be wrong again. But that won't soothe the hurt that could be in store for an 11-win Washington State team.

RJ Young is a national college football writer and analyst for FOX Sports and the host of the podcast "The Number One College Football Show." Follow him at @RJ_Young.

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