would take some odd things for it to occur. I can see a 12-0 Georgia losing to a 11-1 Alabama in the SECCG and getting in over a two loss B1G champion or one- or two- loss PAC12 Champion.
There is precedent for a one-loss team getting in over their own two-loss conference champion. Happened, I think, with OSU and Penn State years ago. So a 12-1 UGA could get in over an 11-2 Alabama SEC Champion. Happened to TCU last year and Georgia is far above TCU in standing.
I wouldn't bet money on it. It could be a situation where the playoff committee would not want to be the ones preventing a potential 3-peat with a vote.