Jefffrog1993
KMA
Your guess is correct. By virtue of their win, Baylor was the better team on that given day but conference rules dictated that TCU & Baylor were co-champs. If the championship game had existed at that time, Baylor would have gone on to play TCU again. Result? ... problem solved.
The fact it was a road game means that at TCU or neutral site TCU would have beat Baylor. Home Versus Road matters a lot. Then you had to look at best loss and TCU’s was to the Fifth best school in the land versus OSU’s versus crappy Virginia Tech and Baylor’s to WVU and TCU got screwed by CFP despite Wex’s best efforts to tell everyone what a perfect job they do and always get it right.