The buzz around Indiana's football program was palpable as they entered Saturday's matchup against the formidable No. 2 Ohio State Buckeyes, holding a good position in the rankings. However, that excitement came to a screeching halt as the fifth-ranked Hoosiers suffered a crushing 38-15 defeat on the road. This loss not only raises eyebrows about Indiana’s status as a serious contender in the Big Ten but also seriously jeopardizes their aspirations for the College Football Playoff.

In a game that saw Indiana struggle significantly, they managed to muster only 151 total yards of offense—marking the fewest allowed by Ohio State against a ranked opponent in nearly two decades. Impressively, Ohio State celebrated their largest victory against a top-five opponent since the 2000 season as they strolled through the contest, with Indiana largely ineffective until scoring a late, meaningless touchdown.

Despite this setback, it's essential to contextualize the accomplishments Indiana has secured throughout the season. With the No. 6 strength of record according to ESPN's Football Power Index (FPI), the Hoosiers have made waves in one of college football’s toughest conferences. Their initial victories came with an impressive average margin of 30.1 points; however, a glaring omission on their resume is the lack of wins against any ranked opponents so far.

As the dust settles from their defeat, the College Football Playoff (CFP) fate for Indiana now hangs precariously in the balance. The squad must focus on finishing the season with a stellar 11-1 record. Achieving this milestone would significantly bolster their chances for a coveted spot in the upcoming 12-team playoff scenario. The path to that record appears achievable, with Indiana set to face their struggling in-state rival, Purdue. Currently, Purdue’s season has been dismal, boasting only one win out of eleven games and facing a staggering 195-17 scoring deficit against their top-10 opponents.

While a victory against Purdue would help Indiana reach that crucial win threshold, it won't likely sway the selection committee’s opinion given Purdue's poor track record this season. The real concern for Indiana is how they compare against other at-large contenders across the country.

Attention should now pivot to the SEC teams. The latest College Football Playoff Rankings revealed that four SEC teams have solidified their places in the top 10, yet three of those teams are already staring down the barrel of two losses. Indiana’s metrics stack up in juxtaposition to these teams, particularly regarding strength of schedule and record against FBS teams with winning records.

In terms of current scenarios affecting Indiana's playoff bid, the recent struggles of SEC teams are favorable. Ole Miss's defeat against Florida and Tennessee's loss to Arkansas create openings for Indiana, as those defeats eliminate potential competitors for at-large berths.

Furthermore, the Hoosiers should keep an eye on the ACC’s landscape. With both the Miami Hurricanes and SMU Mustangs in contention, their performance could also impact Indiana's playoff chances if they succeed in finishing their respective seasons with 11-1 records.

Ultimately, the next CFP Rankings will be critical as the selection committee reassesses which teams deserve a playoff shot. The road ahead is certainly challenging for the Hoosiers, but with a keen eye on rival teams faltering and maintaining their own winning prowess, Indiana still has a flicker of hope in their pursuit of the College Football Playoff. Keep your eyes peeled—this thrilling saga of college football isn't over yet!