Games like this are why I'm against playoffs. In an 8-team (or less) playoff system only the big conference winners will make the playoffs. In this case Florida, having lost to Bama in the SEC champ, would be sitting home and Cincy would be in. Even if you take the top 16, everybody who makes a conf title game, some better Pac-10/SEC teams would be home while Cincy/Boise State/etc are in.
The only way I see it working is if you take 8 big conference champions then the next 8 highest ranked teams that didn't win their conference.
I know people are going to say Cincy would be competing better if Brian Kelly was coaching tonight but I don't buy that for a second.