I think the committee probably got it right because these 4 teams won their conference. The Big 12 completely fucked themselves on this one. It's not TCU or Baylor, it's the Big 12 conference.
All year, they have been touting "one true Champion" since every team plays every other team. However, as it looks like Baylor and TCU were going to each have 1 loss, the conference touted "co-champions" because TCU was ranked ahead of Baylor from the committee for most of the year. However, Baylor played a ranked K-State team during the last game of the year which pulled Baylor's "resume" up on par with TCU. At that point, you have to rank head to head all other things being equal.
If the conference had claimed that Baylor was undisputed champion of the Big 12, there would be a little more debate from me. But how do you let one co-champion in without the other while the other won, and also keep a "true" champion from a power 5 conference out who played and won decisively in a championship game? Answer is...you can't. The Big 12 made it easy for the committee when they declared co-champions.