I wouldn't call either program a traditional power but the college football power brokers and the media had these two programs built up in their minds and had them slotted in the playoff. One or two losses, no big deal just like it isn't a big deal for major (Big 10, SEC) programs that were expected to be in the playoff race.
But we failed this year and flipped the Big 12 on its head. That meant the teams that were actually good this year didn't get the preseason hype, the runway, and the build up of expectations. So slip-ups are more harshly punished as "see, they are what we expected" instead of "they are what we expected but had an off week".
The Big 12 needs a few programs to become consistent, always in the hunt for the CCG.