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I can think of 3 SEC teams better than OU. Have you seen their season? With Bomar not on the team and them losing Adrian Peterson, they might have a good record, but even with an extra bcs game, the still won't get in there.
Lets say Arkansas wins the SEC, then you have LSU, Auburn and Florida all better teams than OU. I would say 1 loss Louisville or WVU would be a pick over them. Plus Cal is a way better 2 loss team.
So OU's only chance is an automatic bid with winning the big12. No chance.
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Cal has three losses. Had they not blown their game in Tucson, they would be an easy partner to play in against Michigan in the Rose Bowl if Michigan doesn't play for the NC.
No bowl is going to take Louisville or West Virginial ahead of Oklahoma.
The SEC team might be more deserving, but I can see the Rose Bowl having a preference for Oklahoma. Especially if the Sugar Bowl has anything to say about it since they get stuck with the Big East champ if the Rose takes Notre Dame.