re: So if Georgia wins, how confident are we that both Georgia and LSU are in the playoffs?

While conference championships absolutely should have weight, playing a schedule as tough as LSU has should be just as heavily considered when compared to a team with OU's schedule.

At some point 12 games has to mean more than 1. I understand in the NFL its different but that is because more teams play each other giving a better chance for parity to sort it out during the regular season most years.