It shouldn't but I'm not so sure that the committee hasn't discussed it. And I'm sure they would say that doesn't factor into their decision, but I can't imagine that there is more to all this than just what has happened on the field. You don't think the committee was more than a little put off by Baylor hiring a PR firm? Are you serious? Who is advising these people?
http://sagarin.com/sports/cfsend.htm
There is a pretty wide gap in the SoS. If fact, if you want to look deeper into it, TCU's SoS is better than Oregon and FSU.