Assuming Oregon loses, Cincy has a great chance now.
Top 8 are Georgia, Alabama, Oregon (lost), OSU, Cincy, Michigan, MSU (lost), ND
Michigan and OSU play each other.
Assume Georgia, OSU and Alabama make it. Then it’s undefeated Cincy vs 1 loss ND. That one loss? To Cincy.
Joel Klatt said this last week and I tend to agree. For Alabama, it kind of feels like it's truly "all or nothing" with them, because in theory if they win out then they would also have beaten #1 Georgia in the SEC Champ. Game which would mean they are the #1 seed. If they don't win out, then they'll have two losses and are probably off the CFP barring a ton of other upsets around them too.
Now granted, Ohio State had a phenomenal win today and if they run the table entirely while Alabama beats Georgia, then maybe Ohio State is actually #1, but either way I think Alabama will be #1, #2 or out of it.
And yeah, now I think Cincinnati has a fantastic chance of making it. As you mention, they had the huge road win @Notre Dame earlier in the year, and I don't see two Big 10 teams making it (it'll be just 1 of Michigan/Ohio State).
Assuming results hold, I think the CFP rankings next week will look:
1. Georgia
2. Ohio State
3. Alabama
4. Cincinnati
5. Michigan
6. Notre Dame
It does seem to me that margin of victory and quality of opponent matters to the Committee, so for this week Ohio State will leap Alabama since Arkansas put up a great fight at Alabama and only lost by 7.
Teams like Michigan State, Wake Forest, Oregon will probably fall out of the running entirely (assuming Utah holds on).
Oklahoma State could end up being a darkhorse too in this race. Their chances are still slim but assuming you see some chaos and unexpected upsets I wouldn't count them out entirely. They are currently #9 I believe but should go up after tonight. They lost to Iowa State who gave Oklahoma a good fight today and Okla State plays #12 Oklahoma next week and if they win that, it'll help.