It should be Texas all the way. I think their win today was the most impressive win any title contender has posted so far this year. Regardless of whether or not you thought Oklahoma was #1 coming into today, they've been among the top teams so far this year (and even looked pretty good in losing today). I've watched a couple of Texas' other games before this week as well, and they have been nothing short of impressive.
Alabama on the other hand... The body of work just isn't there right now like it is for Texas. They were shaky against Kentucky. Shaky against Tulane. Their win against Clemson was impressive at the time, but the value of that one is plummeting faster than the Dow Jones. The first half against Georgia was very impressive, but the second half - not so much. And Georgia is a team that I don't think has done anything impressive this year outside of somehow convincing people before the start of the season that they were worthy of a #1 vote.
The two do have a common opponent - Arkansas. Both were impressive against the Razorbacks, but they are probably not a very good measure.
And finally, I just think Texas would beat Alabama right now, and I think that is a key ingredient to what these rankings should be about.
Regardless, of any of this, the next installment of rankings will end up meaning about as much as the previous set proved to. Each of the top three teams lost today, and I have no doubt there will be more shuffling at or near the top in the coming weeks. Texas has a brutal stretch coming up. It'll be interesting to see how they handle it. Can they handle it? Can Alabama take care of business? We'll find out I guess.