With USC losing yesterday, either one-loss Michigan (who already lost to #1 Ohio State) or one-loss Florida (who won the SEC) will face the Buckeyes in the BCS Championship Game. There will be a controversy no matter who is in second. If Florida gets in, people will say that they had a weaker schedule, and their loss was to a lesser team than Michigan's was. Gator advocates will claim that Michigan already lost once to OSU, and didn't even win their own conference.
As seems to happen every year, the BCS title game will leave one team on the outside looking in, and possibly more. For example, why doesn't one-loss Louisville have a claim to play in the title game?
In any case, I think it's time that we stop the annual BCS controversy. Either settle it with a playoff, or go back to the old bowl system, which at least acknowledged the subjectivity involved with picking a champion. Since I have yet to hear of a practical playoff system, I'm going to advocate the latter.
Also, did it completely escape the attention of anyone else that Oklahoma is now 11-2 after winning the Big 12 title game? They would have been 12-1 were it not for a blown call in the Oregon game. I had no idea.
If I had to rank the teams now, I would go:
1. Ohio State
2. Florida (since they won their conference)
3. Louisville (see above)
5. Boise State
10. Notre Dame
12. West Virginia
15. Wake Forest
17. Virginia Tech
22. Oregon State
23. Boston College
24. Georgia Tech
As for how teams will actually be ranked, Florida is second in both the AP and the Coaches Poll, but my guess is that they get edged out by Michigan in the BCS standings.