To me, it's clear this year's committee only cares about the records and style points, that's it. Teams are getting rewarded for playing an easy schedule and running up the score, while one particular team is getting punished for playing a brutal schedule.
It does seem their priority is ordered like so:
W-L record
Head-to-Head results
"style points" aka "not struggling in games" aka "eye test"
Strength of Schedule
G5 teams are devalued on their weak strength of schedule, but P5 teams really aren't, except as a lower priority tiebreaker. Undefeated P5 teams really don't need to care about SOS. It also doesn't seem like they use a comprehensive ranking formula for strength of schedule like Sagarin etc, but maybe look at things like wins against ranked teams or some such.
I think Oregon is ahead of Texas/Alabama because they haven't been squeaking by. They have been clobbering teams they are supposed to.
I think the PAC is getting a bump in perception, but the SEC has done itself no favors with their poor out-of-conference play. Furthermore, I think there's not much there to help a team that has improved from an early season loss.
If SOS were more of a consideration than style points then Oregon would be behind Texas/Alabama.
I once thought that Texas beating Alabama might be something that Bama could overcome by continuing to improve and beating Georgia, but if both Texas and Alabama end up one-loss conference champions, I think Texas will be ranked higher because the committee explicitly points out Head-to-Head results as a tiebreaking ranking criterion and will not hesitate to use it.
I guess that means 2023 Alabama could be the best team ever left out.