I agree with your scenarios one and two. It’s too awkward to have Georgia and Bama playing back to back games. So whoever they want to put in the number one seed, Michigan or Bama, dictates how they arrange Georgia and Cincinnati at three and four.
By my rules in my world, Georgia should be dismissed from the playoff because Conference Championship games are part of the playoff—-you lose, you are out. We already know that Alabama beat Georgia, it is stupid to do it again. We don't know that Alabama beats Notre Dame or Baylor, that's why you play the game on the field. Notre Dame, Baylor or whoever the committee deems next up, would get the four spot. I know that's not gonna happen but that is what I think is logical by usual thought of sporting competition.