From the conference tie-breakers page for a two team tie in 2nd place.
3. If there is no head-to-head winner, then the team that has the higher College Football Playoff Selection Committee Rankings (CFP) shall be a Championship Game participant: The latest available CFP Rankings will be used to break ties (see Item 5). If a team or teams lose in the final weekend of the Conference season to create a tie, and there are subsequent CFP rankings, those subsequent rankings will be used to break the tie. 6.4. If the regular season ends and the Championship Game is scheduled for the next Saturday, then the following tiebreaker procedures will be used; 6.4.1.if one of the tied teams was ranked in the latest available CFP Selection Committee rankings and wins in the final weekend of regular season Conference play, it will be declared a championship game participant. 6.4.2.If one of the tied teams was ranked in the latest available CFP Selection Committee rankings and loses in the final weekend of regular season Conference play, then a composite average of selected computer rankings (Anderson & Hester, Billingsley, Colley and Wolfe) will be used to determine the Championship Game participants; 6.4.3.If both tied teams are ranked in the latest available CFP Selection Committee rankings, the higherranked tied team(s) that wins in the final weekend of the Conference regular season will be a championship game participant(s); 6.4.4.If neither of the tied ranked teams wins in the final weekend of the Conference regular season, a composite average of selected computer rankings (Anderson & Hester, Billingsley, Colley and Wolfe) after all games conclude the final weekend of the Conference regular season will be used to determine the championship game participants;
It's unlikely that we would be ranked in the CFP if we drop two games. It's also unlikely that Memphis would be ranked if they beat Tulane next week. I'm guessing it would come down to the computer rankings. Multi team would look similar with the inclusion of a currently 2 loss Houston team who still has to play SMU (12/5) and Memphis (12/12)