By seed...

#1- Ohio State (12-1) - the Buckeyes beat Indiana handily and win their rematch vs Oregon to become the easy choice for the top seed.
#2- Texas (12-1) - I think they are probably the second best team in the SEC and I don't think Georgia is going to get a rematch in the SEC title game
#3- Miami (12-1) - I want SMU to win but I think Miami is better (possibly just bias)
#4- Colorado (11-2) - they seem to be playing the best football right now but the Big 12 is pretty up and down and anything could happen
#5- Oregon (12-1) - very deserving of the #5 seed due to their split with #1 Ohio State
#6- Notre Dame (11-1) - I am really hoping they get beat by USC but I don't see that happening. They did win at A&M and at 11-1 name recognition will get them in but they should be on upset alert.
#7- Penn State (11-1) - with a convincing loss to Ohio State, the Nittany Lions advance to the playoff.
#8- Alabama (10-3) - they appear to have the edge in the battle of 6-2 SEC teams for the title game but I don't see them beating Texas
#9- Ole Miss (10-2) - they are ranked above Georgia for now although I'd have them 5th in the SEC
#10- Georgia (10-2) - sorry Penn State, it looks like you're going to have to play another ranked team this year
#11- Boise State (12-1) - thanks to their quality loss to Oregon and win over a ranked UNLV, the Broncos get the privilege of facing Notre Dame
#12- Indiana (11-1) - despite an embarrassing loss to Ohio State, Indiana sneaks into the playoff as the SEC/Big 10 agree to split the bids at four each

Just missing out....

Tennessee (10-2)
SMU (11-2)
BYU/ASU winner
Clemson (10-2)
Tulane (11-2) - played two P4 foes instead of one costing them the P4 bid vs Boise State

Some things to hope for as a BYU fan....

Florida over Ole Miss
Boston College over Miami
South Carolina over Clemson
Army over Notre Dame (and then Tulane over Army)
Colorado State over Boise State
USC over Notre Dame
Oklahoma over Alabama
Auburn over Alabama