I'm not saying I disagree. But let's also face the fact that if SMU loses to Clemson that they would have been better off losing a tiebreaker for the conference championship (Miami, Clemson, and SMU all had one conference loss) because they would have been safely in while Alabama would have benefited by not being in the SEC championship game because a loss there would have knocked them out.
EDIT: That said, I could end up wrong. But I'm just trying to go by what the committee has been saying......which could all be smoke. My feeling is that if you play a conference championship game, it should count. By the same token, if IU had the tiebreaker over Penn State and played in the Big Ten championship and lost to Oregon and were then removed from the playoff picture because of some idle team that wasn't in their conference championship, I think that there is a serious issue with that as well.