Things are starting to feel real in the College Football Playoff race.

While the early rankings were largely placeholders until some of the season's marquee games unfolded, there are now only two weekends remaining in the regular season before the conference title games.

There also aren't that many highly anticipated showdowns between highly ranked teams remaining before those conference title games, and the selection committee may be fairly lenient in its treatment of the losing teams in conference championship matchups when comparing them to squads that didn't even qualify for such contests.

Barring chaos—which can always happen in college football—the ultimate 12-team field will include the majority of the teams in the top 15 or so in Tuesday's updated rankings.

With that in mind, here is a look at the latest rankings with the caveat they will look different than the current projected bracket because the top four seeds and first-round byes in the 12-team field will go to the four highest-ranked conference champions.

What's more, the fifth-highest ranked conference champion also receives an automatic spot, which could open the door for a team outside the top 12 to be included in the field.

1. Oregon
2. Ohio State
3. Texas
4. Penn State
5. Indiana
6. Notre Dame
7. Alabama
8. Miami
9. Ole Miss
10. Georgia
11. Tennessee
12. Boise State
13. SMU
14. BYU
15. Texas A&M
16. Colorado
17. Clemson
18. South Carolina
19. Army
20. Tulane
21. Arizona State
22. Iowa State
23. Missouri
24. UNLV
25. Illinois

The way things are unfolding, the first 12-team CFP is shaping up to be something of a Big Ten and SEC invitational.

With no undefeated teams remaining in the ACC or Big 12 and losses still to be had for top contenders in the conference title games and the matchup between BYU and Arizona State, it appears each league will send one team to the field.

If Notre Dame wins out and takes a spot and Boise State does the same as the highest-ranked conference champion outside of the Power Four leagues, that still leaves a combined eight spots to be split between the Big Ten and SEC.

Oregon, Ohio State, Penn State and Indiana are all in ideal position to make the CFP, although Saturday's game between the Buckeyes and Hoosiers could change that reality.

An Indiana win would give Ohio State a second loss, although the Scarlet and Gray could still fall back on an impressive road win over the Nittany Lions. Both losses would also be to top-five teams, with the one against the top-ranked Ducks coming by a single point on the road.

An Ohio State victory would raise questions about the Hoosiers' overall profile, as their most notable win in terms of the Big Ten standings would be over 6-5 Washington. Still, an 11-1 final record with the only loss coming on the road against the second-ranked Buckeyes seems worthy of inclusion in a 12-team field.

As for the SEC, it is a complete logjam.

Alabama, Georgia, Ole Miss, Tennessee and Texas A&M all have two losses, while Texas has one. If the Aggies defeat the Longhorns in the final game of the regular season, the conference could have six playoff hopefuls sitting at 10-2.

In something of an ironic twist, the SEC may find itself cheering for an Ohio State blowout win on Saturday. After all, if Indiana isn't competitive in its one notable game of the season, it could open the door for another SEC team to make the field even if that school has two losses compared to the Hoosiers' one.

Of course, all of this could change with a little chaos.

Perhaps rivalry week will bring unexpected twists with Ohio State playing Michigan, Georgia playing Georgia Tech, Oregon playing Washington, Notre Dame playing USC, Tennessee playing Vanderbilt and Alabama playing Auburn in addition to the massive showdown between the Texas schools.

Or perhaps all the favorites will take care of business, which could set up quite the debate between the Big Ten and SEC for the final couple of spots.