If OSU would have made it into the title game, they would have overcame the 'worst loss' since the BCS was formed based solely on their opponent's record. We finished 6-6 this year with the previous 'worst loss' being in 2007 when LSU lost to Kentucky (7-5) in 3OT. I think it is ironic that LSU was the team with the previous 'worst loss' and also had a loss to Arkansas (8-4) that year as well. They got their shot at the NCG with those two losses and won the NC. Its a shame OSU didn't get the same chance, but the national perception is that Iowa State isn't very good despite finishing .500 with the second strongest schedule in the country and only being favored in 2 games. Here is the list of teams with one or more losses to reach the NCG since the BCS was formed:

1996 Florida: Lost 24-21 at Florida State (11-0) on Nov. 30.
1997 Tennessee: Lost 33-20 at Florida (9-2) on Sept. 20.
1998 Florida State: Lost 24-7 at North Carolina State (7-4) on Sept. 12.
2000 Florida State: Lost 27-24 at Miami (10-1) on Oct. 7.
2001 Nebraska: Lost 62-36 at Colorado (9-2) on Nov. 23.
2003 LSU: Lost 19-7 at home to Florida (8-4) on Oct. 11.
2003 OU: Lost 35-7 to Kansas State (11-3) in Kansas City on Dec. 4.
2006 Florida: Lost 27-17 at Auburn (10-2) on Oct. 14.
2007 LSU: Lost 43-37 in three overtimes at Kentucky (7-5) on Oct. 13 and lost 50-48 in three overtimes at home to Arkansas (8-4) on Nov. 23.
2007 Ohio State: Lost 28-21 at home to Illinois (9-3) on Nov. 10.
2008 Florida: Lost 31-30 at home to Ole Miss (8-4) on Sept. 27.
2008 Oklahoma: Lost 45-35 to Texas (11-1) in Dallas on Oct. 11.