2 losses. 1 was early to #5 Oklahoma. The other was the first weekend in November when Iowa spanked them.
They won the big 10 that year and had 2 wins vs top 5 teams that year.
I remember making the argument that year the 4th team should have been Ohio State, Oklahoma, Bama, or UCF but Ohio State was probably the hottest team at the time since they won their conference.
If Ohio State played a cupcake instead of Oklahoma, then they would have gotten in. Same thing with Oregon this season. If they win out, they'd have 1 loss. Had they played a cupcake instead of Auburn, they'd be undefeated and a no brainer for the CFP
Might still have been undefeated anyway if the top 4 WR's weren't out...