Looking at the schedules of the top teams, it appears that making the playoffs by winning out is unlikely.
Georgia - would have to lose two games and they have an easy road left other than the SEC Championship.
Tennessee - if they win out, they are likely in. Remaining schedule is soft.
TCU - likely has to win out to make the playoffs but the loser of Michigan vs. Ohio State will replace them if they lose.
Ohio State - if they beat Michigan and win the other three games against inferior opponents they are in. If they lose to Michigan then they get in if TCU loses.
Michigan - Copy of Ohio State.
Unless something crazy happens, Rose Bowl is as good as it gets but would be very happy with that finish. It is possible that we end up playing Michigan in the Rose Bowl. So, maybe cancelling the regular season game will work out for the best. If Michigan and Ohio State make the playoffs then Penn State is the most likely opponent.
If we win out the regular season but lose the Pac 12 Championship game, then the Cotton Bowl is possible. That could be a rematch with Cincinnati.
No matter what, we have to win the rest of the regular season games to get top bowl game. Otherwise, Alamo or Holiday.