So here's a reasonable scenario I just came up with - and I think this would send Iowa State to the title game?
In this case - OSU wins Bedlam and it's OU's only loss so they are in.
Assume (because this is OSU we're talking about) we drop 1 of @ UCF, @ Houston or vs. BYU... probably 1 of the 2 road games.
And then this also happens:
Texas' only remaining loss is at Iowa State
K-State only remaining loss is at Texas
Iowa State's only remaining loss is at K-State
So that would leave OSU, Texas, K-State and Iowa State all with 2 losses
If you do a "round robin" among those four teams, everyone is 1-1 except Iowa State, who is 2-1, being the only one of the group to play all 3 other teams.
EDIT - the only thing I'm not sure about - does "record against highest placed opponent" do anything? Because in this scenario, OSU would be the only team in the group to have beaten OU.
I'll say that looking at the schedules, Kansas will be a big factor in who gets in, as they play OU, K-State and Iowa State. Also, outside of Bedlam, OSU definitely has the easiest remaining schedule; although UCF is going to be much tougher to deal with now that Plumlee is back.