Sacramento State doesn't have a ranked win at 7-4. However, the Hornets do have an FBS win to offset the hole in their resume. All of Sacramento State's losses are good losses — even its season-ending loss to UC Davis.
Speaking of which, an FBS win and quality losses separate the Hornets from UC Davis even after Week 12's game. Those factors will ultimately get Sacramento State one of the last spots.
UC Davis put itself in the playoff conversation with a win over Sacramento State to close the season, but it won't be enough. Losses to Eastern Washington and Northern Arizona still look bad compared to other bubble teams.
See the above portion on why Sacramento State made it in the playoffs for more on why UC Davis is out.
Last Four In: Chattanooga, Sacramento State, Western Carolina, Incarnate Word
First Four Out: Mercer, UC Davis, Tennessee-Martin, Northern Iowa
See the FCS Football Projected Bracket
The bubble has shrunk considerably during the last Saturday of the regular season. Mercer and UC Davis are the only two teams that really feel like they deserve a spot in the playoffs. Each could easily find themselves on the right side of the bubble when the selection committee makes their picks. Chattanooga, again, is a team that could be left out. Sacramento State is on a big slide right now and UC Davis just beat the Hornets and have an equal 7-4 record. Incarnate Word finished 8-2, but the schedule has been easy.