Very, very doubtful. Two primary reasons. Playing a schedule with talented, difficult opponents every week exposes depth. Two, playing a schedule without those "peak" teams like UGA allows for some dips in performance. UT was pretty beaten up by the time they played USCe. It is what it is but TCU's schedule doesn't challenge your depth like that.
Just from a record perspective alone TCU played:
K-State 10-3 twice going 1-1
Texas 8-4
Colorado 1-11
TTU 7-5
Ok St 7-5
Baylor 6-6
OU 6-6
KU 6-6
WVU 5-7
ISU 4-8
UT by comparison played:
UGA 13-0
Bama 10-2
LSU 10-3
Pitt 8-4
USCe 8-4
UK 7-5
UF 6-6
MU 6-6
Vandy 5-7
BSU 5-7
Akron 2-10
There's really no comparison between the difficulty of UT's schedule and TCU's. From a talent comparison according to 247's roster composite UT played #1, #2, #8, #12, #20, and #26. TCU played #6 and #9. None of their other opponents are top 30 in talent.
So yeah. My money would be on UT to run their schedule... and score even more points... and look like they had a better D. Competition exposed UT's D and wore it down.
So difficult of a conference and a schedule should not be considered when determining who should be in a playoff ostensibly made up of the best 4 teams?
But UT, Bama, and USC SHOULD be punished for playing a much more difficult schedule?