Most likely if the season were to wrap up now. However, there are several teams with similar conference records. The losses are a confusing mix of hilarity to me:
Nebraska beats Michigan State.
Michigan State beats Michigan
Michigan beats Penn State
Michigan State beats Penn State
Minnesota beats Michigan and Michigan State
Michigan State beats Minnesota
Rutgers beats Nebraska
It's a little early in February to definitively say whether this loss will hurt them. They all have games against ranked teams coming up which will help make the picture clearer.