Huge joke. I doubt they would have made it, because they lost badly to an average Iowa team.
My take on 2010 is, Auburn and Oregon obviously. Out of the Big Ten, with 3 11-1 teams sharing the conference championship, I think Michigan State is eliminated by virtue of their bad loss to Iowa (37-6). Ohio State lost to Wisconsin, and Wisconsin lost to Michigan State. That's a pickle to choose from, but one of them is getting in. I don't know what difference it makes, but Wisconsin lost to Michigan State at home, while Ohio State lost to Wisconsin on the road. I think Ohio State probably gets the nod, and probably not in small part due to their tradition. TCU is the 4th team. They were undefeated and ranked in the top 4 by most of the polls and the BCS, if I remember correctly.
But I don't think Michigan State makes it in. Had they gone undefeated, maybe so. But all of this is just speculation from my point of view. I do agree with everyone who has trepidation over the committee. The result they spit out could be horribly illogical.