Should they take recent performance into consideration? No. Do they? Absolutely. It's human nature, for better or worse.
You're the committee, you have to pick the 4 *best teams* to compete for a NC. This year, when you went by resume, you picked the Top 3 pretty easily. The last spot was the tricky one - OSU or Alabama? There are good arguments for and against both sides.
Unfortunately for us, at the end of the day, the committee is made of humans. And humans rely on gut instinct just as much as facts. The committee "knows" exactly what they're getting with Bama. They're getting a team that has won 5 of the last 9, and has lost by 2 TDs only once in the past decade. With us, they have no idea what they're getting. We left any good will we had accumulated with the committee in Glendale, after we embarrassed them for controversially selecting us over a conference winner. So this year, they picked Bama - the 'safe choice.'
It sucks, but the solution is to not let subjectivity play a role. Don't lose to Iowa by 30 points. 11-1 + Conference winner (objectively)> 11-1 Non-Conference winner.