TCU and Baylor had very similar schedules with TCU having a slightly stronger non-conference slate, with both teams crushing a similar opponent in SMU. Baylor beat TCU in Waco in OT. Baylor lost at West Virginia by 14 while TCU beat West Virginia away by 1. They took care of the rest of the XII in similar fashion. In my opinion, Baylor gets the edge due to the head to had win pre-bowl. In the Bowls, I think what happened is that TCU overwhelmed an over-ranked SEC team (nearly the entire SEC looks to be over ranked this season) while Baylor got edged by a under-ranked (Top 5) team in Michigan St.
Overall regarding the playoffs, I still not see TCU or Baylor getting in. Before the Bowls, no one was keeping out the defending NCAA champs, current ACC champs, and undefeated Florida St team. Alabama and Oregon looked to be the best two teams and both won their conference championships. Ohio St looked to bet he weakest of the 4, especially with a loss to V Tech and down to a 3rd string QB; but, they did win the B1G title and the B1G was clearly undervalued this season. The playoff got it right this year. For a XII team to make the playoffs without a championship game, it will need to run the table. And when a Texas team has 1 loss and is left out, the XII is dead, even if the playoffs expand to 8 teams by then.