No it wouldn't.
First, let me say that I
don't like Ohio State, but I can't see any justification for dropping a 1-loss #2 team down to #5 just because they didn't win their conference (especially when they didn't even get to play in their championship game).
I also can't see Penn State, or Wisconsin making the final four unless Clemson loses, and even if that happens, the committee will probably look at how Clemson lost
and and possibly how either Penn State, or Wisconsin won.
Based on some people's misguided notion that only conference champions can play for the title, we could end up with some nightmare scenario where Virginia Tech, or Oklahoma State gets in.