A factor which goes into their ranking is the strength of schedule. So far if Oklahoma beats Oklahoma State next week, they will have had four impressive wins, over Texas Tech, TCU, Cincinnati, and Oklahoma State. Even with these impressive wins, what hurts them is that they also played two of the worst teams in college football, Chattanooga(1-11) which is an FCS team and Washington(0-11). Compared to the other two teams, I would say that their schedule strength falls short of Texas but is harder than Texas Tech.
Texas has beaten Oklahoma State, Oklahoma, Big 12 north rival Missouri, and Arkansas to add to their resume. They play no FCS Opponents which helps their cause as well. The only thing that could hurt them at this point are the human polls and the BCS rankings, which they only have a slim lead against Oklahoma. Texas has the hardest schedule out of the three but they could still get screwed by Oklahoma.
With the late lost to Oklahoma, Texas Tech virtually has no chance unless Oklahoma and Texas both lose next week. Their schedule does not allow room for error because they play two FCS opponents. They do have a couple impressive wins over Texas and Oklahoma State but due to their weak schedule strength, all they can do is hope both Texas and Oklahoma lose.
In my opinion Texas should be going to the Big 12 Championship to play Missouri. They have the hardest schedule and they beat Oklahoma head to head at a neutral site. It is projected that Oklahoma will pass Texas if both teams win next week, due to Oklahoma playing a ranked opponent, but I believe that should be changed. Oklahoma is the hotter team at the moment but Texas is the better team.
