Yes, they could make it in, but it would take some losses.
Let's look at the top teams right now:
Alabama
Oregon
FSU
Those three teams are in if they win. The top 2 loss team at this moment might still be Miss. State, but they can't get any more bonus points, so they are in danger of being jumped by other 2 loss teams.
Who else is left? Well, you have the one loss teams, Ohio State, Baylor, and TCU.
So, really it's 6 teams that are in it right now. However, they all have upcoming games and only TCU has an easy game. Ohio State, Baylor, Oregon, FSU, and Alabama all play tough competition. There's no way they all win. If three of those teams lose, a 2 loss team could find themselves in the playoff. Interestingly enough, if Alabama is one of those three, I think they become the top 2 loss team due to their insane SoS. The weird part, and the part that I'm not sure about is if GT jumps FSU if they beat them. It's possible, but if not it then creates the situation in which 4 of those teams probably have to lose....