I don't think much should change actually. Here is my ranking of teams by their resume this season. The top 4 seem pretty clear to me based on their quality wins. Alabama undisputed number one. Michigan has the second best set of wins but a worse loss than Ohio State. Clemson's second and third best wins are losing their value and their loss was at home which is why Michigan is above them.
All four are ahead of Louisville due to number of quality wins. Washington has the chance to add some quality wins with Washington State and Colorado coming up but they don't have them as of now. Wisconsin has two good wins and two close losses to great teams. This marks the end of the second tier.
Penn State lost to Michigan by 39 and a 4 loss Pittsburgh team and their second best win is Minnesota? Colorado has 2 quality losses but no top wins. Utah's win over USC is looking better and better but their second best win is over BYU and Cal is a bad loss. Then you have the Big 12 trio of Oklahoma, Oklahoma State and West Virginia. The only good win in the group is Oklahoma State over West Virginia but they also lost to Central Michigan.
The top 7 teams are the only ones I can really see winning the national championship. If everything breaks right for Penn State they will be Big Ten champ and miss still miss out. The only others with a shot to crash the top 4 are Colorado/Oklahoma/West Virginia winning out.