Michigan is already ahead of OU in the polls. If they win out they will have better wins and a better loss than the Sooners and most likely get in the CFP ahead of the Sooners assuming Bama, Clemson and Notre Dame win out.
I think OU's best chance to make the CFP is to win out, beat Texas by 10+ in the CCG with Ohio State beating Michigan. If that happens Texas will be ranked in the top 4-6 the week prior to the final CFP giving OU a better win than any Ohio State win and we will have avenged our only loss. Also the CFP committee cannot discount the buckeyes losing by 29 points to a team with probably 4-5 losses.