Two regular season losses would not give you a great chance at the playoff. So flipping when they happened would not matter.
The Georgia game was a bigger loss. It removed us from controlling what happened. It took us out of the SEC title game. The only reason we had a chance to get back in is because we started at number one in the first playoff ranking, and only fell to fifth after losing.
The South Carolina loss would not have mattered if we had beaten UGA. We would have still been in Atlanta and of course winning the SEC would have put us in the playoff. And with TCU losing the Big 12 and making the playoff, it shows that if you do lose twice that one of them had better be in your conference title game.
Of course all of that goes out the window when they go to 12 damn teams. But until then, winning your division still matters.