Finishing the regular season with a loss isn't just normal, it's expected -- even of College Football Playoff semifinalists, as 17 of the past 28 playoff teams finished the regular season with one loss.
So no, Michigan isn't out of it after Saturday's loss at Michigan State. Oregon still has a chance in spite of its bad loss to Stanford earlier this year, and Ohio State can make a case after its loss to Oregon on Sept. 11. The list goes on -- and it's time for the College Football Playoff selection committee to sort it out.