I personally would devalue UGA more for losing to South Carolina
This all day long. Yes I know they seem to put more stock in "quality wins," but at the end of the day, it's like they forgot the object of the game is to WIN BALLGAMES. Elite teams (teams deserving of playoff spots) do not lose to bad teams. South Carolina is a bad team. UGAg's win over Florida is good. Their win over ND is not nearly as good as people are making it out to be. Louisville hung in there with them until late, USC hung with them, Michigan curb stomped them, and they should've lost to VPI. The SEC's high preseason rankings make all their games "look" better, even though every single year it is proven that they are the most over-rated conference.
Let's take a look at the 1 loss teams in top 10:
UGAg - Wins over UF, ND; loss to SCar (4-6)
Alabama - Wins over TA&M, UT; loss to LSU (9-0)
Oregon - Wins over Wash, Wash St.; loss to Auburn (7-2)
Utah - Wins over Wash, Wash. St.; loss to USC (6-4)
Penn St. - Wins over Michigan, Iowa; loss to Minnesota (9-0)
Oklahoma - Wins over Texas, Iowa St.; loss to Kansas St. (6-3)
UGAg should be AT BEST 3rd in this list, probably lower. They may have the best wins but they also BY FAR have the worst loss, so that should in effect balance that out. Every team can't win every game, and other 1 loss teams lost to good teams, which is expected and should be more acceptable. You also still have an UNDEFEATED Minnesota that has a win over #9 PSU (8-1) ranked lower than them. With a loss to SCar, a team that will end up with a losing record and not make a bowl game, UGAg should not be in the top 5.