I think it's appropriate to rank losses. Losing to a shitty team vs. a highly ranked team should play into things, but it's certainly not something that should trump a head to head (and OU is still ranked, so not that bad of a loss in this situation).
Bama has had more than their fair share of success, but I sort of feel for them if they ended up excluded as a conference champ because they had the balls to schedule a real team OOC instead of a cupcake. They deserve a playoff spot as an SEC champ with a win over Georgia, but I'd still say Texas is more deserving based on the head to head. Again, that's why Bama win (and FSU win) is worst case for the committee and why I think a Bama win could drag Texas along with them and leave out champ Oregon or undefeated FSU (who would both also be very deserving as well). A one-loss team is going to get really fucked next weekend if Bama/FSU/Oregon/Texas/Michigan all win. It's just a shitty situation with so many deserving teams that all have a pretty good case, but no clear rules dictating who goes.