This will be a little like we saw early in the week where people slowly came around to the idea of Alabama getting in over Miami. At first a lot of pundits were jumping on different band wagons (in fact several on ESPN were picking South Carolina, some Miami).
Slowly some people and probably even Vegas are going to come around to the idea that Alabama still has a real shot at getting in. This is an idealistic battle though, and one that the committee left the door open to when they started devaluing SoS and didn't move TCU down after their conference championship loss.
I remember early on in the playoff era when Georgia played Oregon and the pundits were saying because of SoS the winner would be rewarded and the loser wouldn't be punished. This was how they viewed the landscape, elite teams playing elite teams would be rewarded, and now we're on the cusp of saying that you don't even have to beat a top 25 team to get into the playoff as long as your record is better.
I don't trust this committee, but their job here based on the things they are supposed to look at should be easy. SMU didn't win their conference, SMU has a weak SoS. The problem is the committee only sometimes cares about SoS.