On the overview page of the CFP website (https://collegefootballplayoff.com/spor ... 0/overview):
SELECTION COMMITTEE RESPONSIBILITIES
Rank the top 25 teams and assign the top four to Playoff Semifinal sites.
Assign teams to selected New Year’s bowls.
- Create competitive matchups.
- Attempt to avoid rematches of regular-season games and repeat appearances in specific bowls.
- Consider geography.
According to the CFP website, the selection committee ranks the teams based on the members’ evaluation of the teams’ performance on the field, using conference championships won, strength of schedule, head-to-head results, and comparison of results against common opponents to decide among teams that are comparable. https://collegefootballplayoff.com/spor ... e-protocol
So if the committee follows its OWN GUIDELINES for creating competitive matchups and considering strength of schedule, then to me it's a no-brainer to put SMU ahead of Liberty. Does anyone really want to watch Liberty go up against Penn St? I can't be sure Liberty would beat North Texas.