The two strongest teams , Oregon and Auburn, together, would win about 40% of the time, with Auburn holding the edge. However, Oregon and Auburn would only play each other in the championship game about as often as Wisconsin would win it.
Changing the pairings in the original bowl games would change these results, sometimes significantly. Played repeatedly, Auburn or Oregon would surely triumph. But that is the problem with single elimination tournaments, they are played only once, and although,"May the best team win", all to often it won't.