It does beg the question whether they are actually among the top 10-12 programs in the country, though. It’s a true “deserving” vs “best” debate
Indiana doesn't deserve to be in the playoff. A bunch of wins against crap teams and getting blown out by the only good team you play isn't a resume that should be honored, no matter what conference you play in.
IDK, I might take Indiana's resume against at least half the teams that will be on or near the bubble.
Miami's slew of close wins and a worse loss isn't clearly better; SMU's resume isn't better than Indiana; the ACC runner up won't have a better resume than Indiana
Notre Dame's loss is way worse, and their best win would be Army?
BYU's loss is worse, but they do have the SMU win, the rest of their wins are on par with Indiana's.
Tennessee's got the big win over Bama, lost to Georgia and Arky and their second best win is probably over Florida. Maybe a coin flip on those resumes, but Indiana's won with way more style points.
Ole Miss has to be punished for 1 bad loss (KY) and one loss to a middling team (LSU) more than Indiana for 1 blowout against the #2 team. If you're assuming Indiana wouldn't have got the win over Georgia like Ole Miss did, I think you have to look at Ole Miss' record and say they would have dropped 1 or 2 of the last 3 games that Indiana played.
Bama, Texas, Georgia I'll grant you, but not by a light year or anything.
Give us one upset over a 2-loss SEC team, and I think Indiana is very safely in.