They will go down this list, in this order to pick the 4 teams and stop when it is full
1. SEC Champ
2. Undefeated ACC, Big12, Pac-12, BigTen Champ or ND
3. 1 loss UT or OU if Conf Champ
4. 1 loss USC or Oregon if Conf Champ
5. 1 loss Ohio State or Michigan if Conf Champ
6. 1 loss SEC team, not Conf Champ
7. 1 loss UT, OU, USC, Oregon, Ohio State, or Michigan if not conf champ, but best overall record in their Conf (de facto best team in their conference).
8. 1 loss ND
9. Best other 1 loss Big12/Pac-12 Champ
10. Other Best 1 loss Big12/Pac-12 Champ
11. 1 loss FSU if Conf Champ
12. 1 loss BigTen Champ
13. Other 1 loss ACC Champ
Last year 2011 OSU and 2012 KSU would have got in with teams 1,6,9, and 10 getting in.
This year 2011 OSU and 2012 KSU would have been left out with 1,2,6, and 7 getting in.