I think the reaction to Clemson's loss has been pretty spot on. Pretty much everyone acknowledges they are still highly likely to make the playoffs if they win out, but that this loss removes all the margin for error the rest of the way. Much like last year, losing to Pitt did not ruin Clemson's season, but losing to Pitt and Michigan ruined Penn State's season.
In the first three years of the playoff, there have been an abnormally high number of zero or one-loss conference champions, which is less likely going forward, especially since the Big 12 has a championship game again. I understand the Needler's post about the four other conference champions plus Notre Dame winning out, and topping Clemson, but I don't think that's very likely.