There are no rules. Guidelines at best. There simply is no reason to use "judgment" for sports that compete against each other in a field of play. Like has been said, the conference schedule is a tournament of sorts. It is there to determine who that conference declares as "the best". And whether someone's opinion turns out to be right, using subjective measure like "eyeball test" or whatever makes the current playoff a joke. It's way better than what the history of Cfb has provided us, but still a joke.
There simply is no strong argument to let each conference present their "best" (however they determine that team is) to be included in the championship picture. I'd let the G5 decide on their own how they decide who their best is. Then let a committee pick the other 2 teams. And there will undoubtedly be teams that feel snubbed, but they could have won their conference and didn't, so too bad so sad.
So go ahead and make OOC equivalent to the NFL preseason then? That's certainly an option, but it sounds boring AF.
Your conference record should not weigh into the equation anymore than you OOC should. That's how CFB works. It's how it's always worked. Winning the conference has always been a prize in and of itself.
You don't think that OOC games would be incredibly important when deciding between the 2 at larges?
And besides, the OOC means virtually nothing except for maybe 10 teams w/ legit final 4 aspirations (roughly the same amount of teams that would be qualified for an at large) . It's a wash IMO, and encourages more intriguing match ups because all is not lost if you drop an OOC game. But they still absolutely matter.
That's the point. OU should be lauded for the schedule they played. If I'm a fan, that's what I want to see them play.
In terms of this year, if we had 8 teams, the conference title is a safety net for OU. If they're Ohio St., then they are rewarded for their schedule and quality. So is Michigan. There's even room for a Cinderella in WMU. Or, if you feel so compelled, add another team like USC. Or give Wisconsin or WVU a crack at it.
This year, if OU lost to Houston, Ohio St., and then went 9-0 and lost a conference title game against WVU or OSU after beating them the first time, it would be a question about who gets in between, say, WVU or OU. But the end result would be a 10-3 vs. 11-2 team with really nice looking resumes.