I never thought Ole Miss was that good of a team. Some quality wins? Yes, but overall they got lucky a number of times throughout the season and that carried them to a higher ranking. *Disclaimer that I am a graduate of a SEC school that laid a smack down on Ole Miss this year. To be fair, I never thought Mississippi State was as dominant and they were talked up to be.
On the other hand, I think TCU would have been ready to punish any team they played that day, and they were definitely sending a message to Baylor, Florida State and Ohio State in case they lost.
I happened to be at the Sugar Bowl a few days ago (fan of neither team playing, just down in New Orleans and got tickets to the game), and the atmosphere was absolutely crazy in the days leading up to the game and during the game. It was very fun to enjoy a game with two very strong fan bases.