Absolutely not...it would guarantee two B1G teams in the playoff, but a third team would have two losses...I'd expect a championship Colorado team (only two losses to ranked teams on the road) and the winner of the Bedlam game to get in. Worth noting that OU's only losses were in September (also to ranked teams, incl. Ohio St.)...one of Ok State's losses was directly attributed to ref error, and the other was to a ranked Baylor on the road.
And...to be honest, I would never support three teams from the same conference going. Look at the Top 10 or Top 8 or whatever - MOST of these teams have not actually played each other. I agree with anyone there is extreme parity between Ohio State, Mich, Penn St and Wisconsin right now, and they're all good teams, but let the committee pick one (or at most two) and let's see different teams play each other on the field. Not that this would happen, but I'd also love for all the B1G ADs and coaches to get in a room together with Delany and decide. I'd buy a ticket to see that.
With 128 FBS college football teams, I personally think there should be a rule that no rematches can happen in the four-team playoff.