Oklahoma State has a better resume. Alabama's beaten 2 ranked teams: Penn State and Arkansas. Oklahoma State's beaten 3: Oklahoma, Kansas State, and Baylor. And it's possible (though unlikely) that Texas remains in the top 25, in which case OSU has four.
If we look to records, Oklahoma State has beaten 7 teams with winning records: Louisiana-Lafayette, Tulsa, Texas, Missouri, Baylor, Kansas State, and Oklahoma. Alabama's beaten three: Penn State, Arkansas, and Auburn.
Alabama's loss is better, sure. But last I checked, you don't determine a potential champion by how well one lost. You might use that as a tiebreaker if all else is equal, but "losing better" is a hilariously pathetic qualifier. Not to mention that "x team had a better loss" is effectively arguing "This game this one weekend matters more than all 11 of the others," which makes no sense at all.
Bring us the Cowboys.