It'd be a really bad precedent to put OSU and Michigan in and leave out the real Big 10 champ. For that reason, I think Michigan is done. And I actually don't like OSU being in - if you can't win your own conference, you don't deserve a chance to play for the national title.
Not that anyone cares, but they should get rid of the Big 12, sending Texas and TCU to the Pac 12, West Virginia and Kansas to the ACC, Oklahoma and Oklahoma St to the SEC. Iowa St, Kansas St, Texas Tech, and Baylor would get screwed in my scenario (probably works better for the first three schools and frankly, screw Baylor). The Power 4 conference champs then play for the national title. No more stupid committee, strength of schedule, etc. and teams would be free to schedule a hard non-conference schedule without getting penalized. Non-conference games would be better, conference play would be more intense, and the conference championships would in effect be round 1 of the playoffs (ie: 8 teams). Oh, and the best part: Notre Dame gets screwed!
Good luck to Wisconsin this weekend. Even if they win and don't get in to the playoff, the Rose Bowl is a nice consolation. Hopefully my Buffs will see you there.