Thats one thing about college football anyteam can compete on any day.
Yep.
I think that it will depend on who has everything clicking that particular day. If it were best of 7 games, then the variability of any given day would matter much less. But when it is one game, the game to game variability matters significantly.
Even the final games. UNC is a very good team, and Florida can be very good, too. If they play particularly well, they are capable of upsets -- it's not a chance of zero, just a lot less than 50%.
There is even still the chance that Ohio State gets back into the playoffs if Clemson or Alabama lost by enough. Maybe not highly likely, but possible. I would like to see two Big 10 teams in the playoffs.