The odds of us hosting is sadly very slim. I wish I could see it as 45%, which is basically a coin flip, but I can't. 3 teams that are ahead of us, that could also conceivably fall below us still, play this weekend: GA, Penn St, and SMU. SMU will probably beat Clemson this weekend, but even if they don't it doesn't really help us because of the conference champions getting 1st round byes. Boise and either the ACC or B12 champs have 2 of them locked up regardless. The B10 and the SEC will snag the other 2. If Oregon and TX both win, things start to get interesting for IU.
I do not see GA staying in front of O$U, TN, or a 12-1 ACC champ SMU. The same holds for Penn St with all those teams, plus ND. That means they would be jockeying with IU for the last home game. GA would be 10-3 with a bad loss at Ole Miss, and a string of escapes including GA Tech and KY. Penn St would be 11-2 and have 2 losses against top 5 teams. IU would be 11-1, with the 62nd best SoS, and a dominant set of statistics for the committee to pour over. One of those 3 resumes will get chosen for the final home game, and I have a hard time envisioning Penn St dropping below us. I do think GA would, which would put us in Happy Valley in this scenario. If the committee did the right thing and bumped them both below IU, we'd be hosting Penn St.
Both GA and Penn St are playing for a chance at an automatic berth and a 1st round bye. If they lose, their consolation prize shouldn't be a 1st round home game. They should also not get penalized and drop out of the CFP. Same goes for SMU imo. Even if they lose to Clemson they should be in based on that logic. We all know it would be Bama instead though.