The strongest argument against Texas - other than just "hurr durr three losses" - is our performance on the road this season. We'd almost definitely play a playoff game on the road, so the committee would ask - can this team win a game against a playoff team on the road?
We played five true road games this season, going 2-3, and losing to a team who fired their coach. We were blown out by Georgia and our "best result" was a 7 point loss to Ohio State. Not a good data point when your best result is a loss. And even the wins were suspect - we needed OT to beat another team who fired their coach and a big comeback and OT to beat a below average Mississippi State.
Now let's look at some of the other teams:
Oklahoma - wins at Tennessee and Alabama.
Alabama - won at Georgia (this easily cancels out the FSU loss even though that loss is worse than ours at Florida)
Notre Dame - blowout wins at Pitt and Arkansas. Yes, I know pig sucked but they did what you are supposed to do and destroyed them.
Miami - blowout at Pitt and VT (again, they suck, but that's what you are supposed to do)
While this isn't the only data point, it's a pretty strong one that doesn't work in our favor.