We saw the Criteria they have for the selection and Conference Championship does have priority.
People may bring up Penn State but their reasoning was that they lost 2 games while O$U lost only 1.
So if there is a Conference Champion who has the same record as UGA in this weird hypothetical I think they would have to pick the Conference Champion. I don't think the committee could wiggle their way out of it.
They will because...you know....something about sec blah blah blah.
Different rules