OK, if we use that criteria, disregarding the fact that Michigan is at least a TD better than Florida, then why not another conference champion with one loss. There are others who are just as good as Florida.

Why not Boise State? They were undefeated, and they won their conference, and they have a couple of quality wins. Michigan is clearly a better team, but so what.

Besides which story is more fun:

Florida upsets OSU, fans argue (angrily) over who is really best.

Boise State upsets OSU (ends season undefeated), heck of a fun story.