i think it depends on what one thinks "punished" means....to me, it means not eliminating a playoff worthy team because they lost the conf title game. doesn't mean they can't fall a bit in the seeding, based on how the game played out. i would think both UGA and PSU would have to lose rather convincingly for it to matter a ton on the seeding, jmo.
on your point about Clemson beating SMU....see, i think that's a bit shaky. what that does for sure is eliminate Miami, though many think they're already out....but the committee then has to decide, do they punish SMU...who is a playoff worthy team, with 11 wins in a P4 conf and eliminate them? because, if they don't, then that steals a bid from Bama, USCe and/or Ole Miss. so 2 ACC teams get in. and SMU would likely be seeded behind us in that secnario, so i'm good with it. but none of the 3 loss SEC teams want Clemson to win. they need that last spot still open after championships are settled to have a chance.
and even then, i'm still not 100% certain the committee puts one of them in over a 10 win Miami, who lost to 2 good, not great, teams on the road, in conf. probelm for Miami is they have zero good wins....in that scenario, they're Penn St or Indiana, with an additonal loss. and maybe all that says is they should be on the back end of the road teams in the seeding. maybe it says they should be out. dunno. but i don't think any 3 loss team outside of a UGA that loses to Texas Saturday, deserves to be in....