I'd put Alabama's chance at 50/50.
I really wanted Oregon to win (just one more TD) and I think that would have given Alabama a much higher chance. Then the committee basically only has one sure thing (Michigan) and they then had to really compare the resumes of FSU, Oregon, Alabama, and Texas for those final three slots.
As it is, they have two spots and three teams and because of their unwavering commitment to early season head to head, there seems like only one likely scenario where Alabama gets in, and that's over FSU.
There will still be a Texas v. Alabama discussion though, and there's kind of a long shot (long shot in part because of how well Texas played against an over matched opponent) possibility that Alabama get in over Texas due to avoiding a tie breaker.
So most realistic scenario where Alabama gets in would be:
1: Michigan
2: Washington
3: Texas
4: Alabama
FSU gets left out due to a combination of weak SoS and losing their starting QB (it is in writing that the committee can consider injuries).
The kind of long shot scenario goes like this:
1: Michigan
2: Washington
3: FSU
4: Alabama
5: Georgia
6: Texas
In this scenario the committee avoids the tiebreaker between Alabama and Texas by saying they think Georgia is better than Texas.
Then of course there's the lazy, stupid committee does stupid things scenario in which despite being wrong about so much, they basically try to keep the same order they've had the whole time:
1: Michigan
2: Washington
3: FSU
4: Texas
We'll see... but I hate the committee and I'm pretty sure Alabama will be top 4 in the polls and top 4 in the BCS and if the committee keeps them out, they'll be basically the only group of people that did that.