Assuming wins for both next week:
Oregon: 12-1. Three-point loss on the road as a three-point dog against a 12-1, top five rival who is otherwise undefeated, in a game that they coulda/shoulda/woulda won if not for some questionable coaching decisions; avenged that loss in a CCG and has beaten everyone they have played. Dominating wins over one, maybe two additional ranked teams, one of which was on the road. Has only been remotely challenged maybe two other times, once on the road at the beginning of the year and once against the reigning Heisman winner (and calling this being challenged is generous). Championship of maybe the deepest top to bottom league in the country this year. Consistently ranked in the top 5 by predictive analytics.
Texas: 12-1. Four-point neutral site loss as a TD favorite against a ranked 10-2 rival with in an inflated record, in a game that they coulda/shoulda/woulda have won if they had not fucked up any of a half-dozen aspects of the game. 10-point road win over a 11-2/12-1, top ten team. Neutral site CCG win against a team in the 20's that was blown out by a Sun Belt team. Maybe one other ranked win, at home in OT, which they were both frankly lucky to get but also impressive in doing so with a backup QB. Several fourth quarter games with average to bad teams. Championship of probably the fourth best league in CFB. Consistently ranked in the the top 10 by predictive analytics.
To your point on OOC wins/conference profile:
The PAC 12 was 29-7 OOC. Two non-P5 losses, ASU (2-7 in league) got blanked by Fresno State and Stanford (2-7) lost to a FCS. 7-5 against P5 and 3-1 against Big 12. I agree there is no hugely impressive win there. Some decent ones but nothing to compare to Texas's win over Alabama.
The Big 12 was 30-12, 6-6 against P5. Six non-P5 losses including the #2 seed losing 33-7 at home to a Sun Belt also ran. ISU finished fourth and also only scored 7 in a loss to Ohio (not State). Texas has the Bama win, which is absolutely to their credit individually, but there are no wins of significance for the rest of the conference and a slew of bad losses. And as mentioned above, 1-3 against the PAC 12.
There's not a huge difference in profile there but to argue it's bullshit that a PAC team would be ranked ahead based on conference performance is not grounded in reality. The B12 has Texas's Bama win offset by several instances of shitting of the bed, including by teams that were in contention for the CCG or are playing in it.
I don't understand how people conclude that Texas is definitively the better team and it would be bullshit to be ranked even one spot below Oregon unless it is just a burnt orange sunglasses thing. To be clear, I am not saying Oregon is definitively better than Texas. I might favor them slightly at a neutral site but frankly I think their profiles are very similar from a playoff perspective; but the bolded seems to be a pervasive line of thinking across the Texas fan base and seems very weird to me.