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(1) Miami vs. (4) Colorado
A playoff committee might have slotted Colorado behind Oregon and sent it off to play the Hurricanes in order to avoid getting a rematch of the Big 12 Championship Game against Nebraska. Miami's defense held seven opponents to a touchdown or less in 2001 and Colorado's offense barely had a starting quarterback, though, so this might well have been a blowout.
(2) Nebraska vs. (3) Oregon
According to Brian Fremeau of Football Outsiders and ESPN, 2001 Nebraska ranked as the worst title game participant (subscription required) of the BCS era, losing each of its final two games by 20-plus points (albeit against two teams projected in this playoff).
Oregon kept itself out of the title game by losing against Stanford—a sign of things to come—but was otherwise dominant for most of the season, including a Fiesta Bowl blowout of Colorado. This too might have been a blowout.
(1) Miami vs. (3) Oregon
Joey Harrington. Ken Dorsey. What more could you people ask for?!
Seriously, though, this game would be closer than most folks care to realize.
The 2001 Miami team was plenty good, but history tends to aggrandize it more than the numbers justify. Yes, there were nearly 20 future first-round picks on the roster, but it didn't always look that way on the field. Harrington and the Ducks would have hung around for all four quarters and had a shot to win at the end. However, at the end of the day, Miami did, as advertised, simply have too much talent.