Yes, they have the option. USC got the Rose Bowl in 2016 over Colorado who lost the CCG to Washington.
Here’s a hypothetical for people who like to play that game: 10-2 North Carolina beats 11-1 Clemson in the ACC CCG, Ohio State/Michigan winner wins the Big 10 CCG, 10-2 Utah beats 11-1 SC in the CCG, Georgia/TCU in out. Who ya got for #4? Past committee invites would say 1 loss loser of Ohio State/Michigan, but there’s a chance.
Let me throw one more wrench in the plan: 10-2 LSU beats Georgia in the CCG.,,