It matters, but losing two regular season games is worse than the champ game being your only loss.
But they keep bragging that the entire season is a playoff, teams eliminating teams to get in that joke 4-team playoff....and now you're telling me that losing your final game of the season doesn't affect ya, is a flawed system, which it IS! That's why it would be an 8-team playoff. In that scenario, Wisky gets in as the Big 10 champ and Ohio State as a most likely wildcard.
Another scenario, let's pretend that Ohio State came into tonight at the #4 team and then lose, THEN do you you think they are out or is it because they're currently #1?