Might be a bit controversial, but at the moment only Georgia is playing better football than Ohio State.  They're rolling on all fronts and they're a much much better team than the one that lost to Oregon.
Ohio State may have a "1" in the loss column, but with how they're playing these last few weeks, they would spank any of the teams below them in my ranking. 
This is tricky. Ohio St has a loss against a hit-and-miss Oregon team. But their wins have been convincing and I'm just not ready to put Alabama back in a playoff spot.
Finally! I can finally gauge how good this revamped Buckeyes team is now that they finally face a quality opponent in Penn State since their loss to Oregon aaaaaaaand Penn State loses to Illinois in a 9 Overtime game...guess I'll have to wait for the end of the year for both Michigan teams.
Ohio State and Alabama are both good enough for the 5 spot, and can be interchanged at will. The Tennessee win is better than the Indiana win, but the MoV for OSU was much higher.