Chop...but they didn't play Northwestern State this weekend. They played the #4 team in the country and crushed them. OSU did not crush the #8 team.
Your argument is based on the totality of the season. You undervalue conference championship game performances but the committee did not.
To your way of thinking, all that should matter is the final outcome. That's not the reality of how rankings are determined.
Also, in 2014 Ohio State beat Wisconsin 59-0 in the B10 championship game and jumped two 11-1 Big12 teams ahead of them in the polls to make the playoff (no Big12 conf champ game then) . Would you have argued then that OSU's conf championship game rout shouldn't have mattered ? Because that's the argument you are making now re: LSU.
I am sure that at that time, you would have agreed that the 59-0 rout should have catapulted OSU into the playoff, which it did.
My argument is based on the totality of the season, yes. I do not undervalue conference championship games, though - I just don't see them as more than part of the overall picture. Your argument seems to overly value conference championship performance to the exclusion of other factors (like quality of opponents).
You picked the wrong year with 2014, though - you should really be pushing on 2016. I'll address 2014 first, though.
2014 - Yes, OSU deserved to jump over the two B12 teams, because they were idle that weekend and played one less game on their resume than OSU did.
OSU - 12-1 record over 13 FBS games (10 P5 games), with 3 wins over Top 25 teams in final CFP poll
TCU - 11-1 record over 11 FBS games and 1 FCS game (10 P5 games) with 2 wins over CFP Top 25 teams
Baylor - 11-1 record over 11 FBS games and 1 FCS game (9 P5 games), with 2 wins over CFP Top 25 teams
OSU played the toughest schedule and had the most wins over top teams. Had TCU beaten Baylor in a B12 title game, they would have been 12-1 over 12 FBS teams (11 P5 games) and 3 wins over Top 25 teams. And I think that should have warranted a spot over Ohio State.
That exclusion is the reason why the B12 went to a title game so they could get one more ranked win onto their champion's resume.
2016 is where it came off the rails, though. Ohio State got in DESPITE not even playing for a conference championship, let alone winning one.
OSU - 11-1 record over 12 FBS games (10 P5), 3-1 vs. CFP Top 25, did not win division or conference.
PSU - 11-2 record over 13 FBS games (11 P5), 2-2 vs CFP Top 25, with B1G conference championship and head-to-head victory over OSU
OSU getting a spot in the final four without even playing for a conference championship opened the door for Alabama to do it a year later as a 2nd SEC team.
Of course, there are plenty of other factors beyond record. How did teams look in those wins (average scoring offense/defense, total yards gained/allowed, whether they or their opponents were missing key players on the days of the game, etc, etc.)
For me, this year, OSU had the better overall resume. Both teams were undefeated conference champions of the two toughest conferences in the country... but OSU had a tougher overall schedule (no FCS), more ranked wins, better margin of victory over ranked teams (25.2 vs. 12.0), better scoring offense/defense, etc. Counterbalancing all of that with "won their conference championship by more points against an injury-riddled opponent" is too much for me.