I don't think Colorado can make the CG unless two of the other 2-loss teams lose. So I think your scenario is an impossibility.
BYU has the best case based on their win over SMU but they might be the worst team right now of the four teams tied for 1st place. Iowa State probably has the 2nd best case but their conference schedule wasn't really much harder than ours to date. Houston, Baylor, WV, UCF, Tech, Kansas, Cincinnati, Utah. No ASU, BYU or Colorado. And Arizona State didn't play anyone in OOC.
It's just a mess of above average teams and I don't think any of the four have much of a chance in the playoff.