No, Alabama had their SHOT against the number one team. They lost.
The pairing of the top two teams, using the BCS, has a lot of assumptions and biases. Because teams play 2/3rds of their games against conference foes, and only a handful of nonconference games are against upper-tier opponents (not a handful for each team, a handful of all nonconference games played by all teams), there are numerous assumptions and biases regarding who the better teams are. Most people assume the SEC is, by far, the best conference. It may be true, but how do we know that the SEC is the best conference THIS year? The Big XII looks like it was pretty darn good this year, but assumptions and biases put two SEC teams in the national championship game. I agree that OSU blew it by losing to Iowa State, but is that definitive proof that OSU is worse than Alabama? Actually, I think OSU matches up pretty favorably against LSU and Alabama, and I think it would have been an exciting game. My contention is that Alabama lost to LSU, at home, with no questionable calls, late in the season. They had their shot. We don't know who the next best team is, but it should have been someone other than Alabama in the NC game. This BS, oops, I mean BCS, pairing of two SEC teams just perpetuates the assumptions and biases regarding the SEC, and guarantees another SEC champion.