OSU would have gotten beaten by Bama easily. But OSU wouldn't have played Bama, they would've played ND. OSU always matches up pretty well against ND (something like 3 wins 2 losses all-time), so I would have given OSU a shot in that game against ND.
For anyone who thinks the idea that a one-loss SEC team might get left out of a title game is heresy, look at the fact that undefeated KSU, Oregon and ND were all ranked ahead of a one-loss Bama. So the title match-up would have likely been OSU vs ND. All irrelevant though of course with the bowl ban. I don't think anyone in the country can really match up with Bama week-to-week, though. You might get the occasional one-off (ala Texas A&M, and Georgia's close call), but not when Saban has 30+ days to prepare for them. If Clemson can beat LSU, and Louisville can beat up on Florida, I don't think it's heresy to think that top-notch ACC, Big East, B1G teams can match up with 2nd tier SEC teams from time to time -- but I don't think anyone is challenging Bama in a bowl game. They are on a completely different level.