Defending national champion Clemson is third this week with Georgia fourth.
Oregon is No. 6 while fellow Pac-12 member Utah is seventh.
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One week after Ohio State was No. 1 for the first time, LSU topped the rankings for the first time.
Ohio State is the first team to fall out of the top spot without losing.
Minnesota, fresh off an upset of Penn State, is No. 8 this week while the Nittany Lions are ninth after suffering their first loss of the season.
“Its win against then-fourth-ranked Penn State was impressive,” CFP chairman Rob Mullens said on a conference call after the rankings were revealed. “They have a powerful offense and have added a win against a highly ranked team.”
The undefeated Golden Gophers have a two-game lead in the Big Ten West with three games to play, but a loss against Iowa (No. 20 this week) or Northwestern would open the door for Wisconsin to steal the division’s berth in the Big Ten championship game if the Badgers win out because they play the Gophers in the regular season finale for both teams.
Wisconsin is No. 14 this week and one of four Ohio State opponents in the top 25 this week. The Buckeyes have already beaten the Badgers and No. 17 Cincinnati and they play host to Penn State in two weeks before going to No. 15 Michigan to close the regular season.
LSU, with Ohio State transfer Joe Burrow starring at quarterback, has beaten No. 5 Alabama, No. 11 Florida, No. 12 Auburn and No. 19 Texas.
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Ohio State plays at Rutgers this week while LSU travels to Mississippi before finishing with Arkansas and Texas A&M.
“LSU has four wins against top 20 teams, the most of any team in the nation,” Mullens said. “LSU's win on the road against Alabama was impressive. Its offense is explosive. LSU is ranked No. 1.
“Ohio State is ranked No. 2. It continues to play at a consistently high level on both sides of the ball. They're an excellent team.
“Clemson is also dominant on both sides of the ball. Although its schedule is not as strong as some others, Clemson is an excellent undefeated team. They have gained more than 500 yards of offense in each of their last five games. The committee is impressed with what it sees.
“Georgia, with wins against both Florida and Notre Dame, put them at No. 4 in the rankings this week. The committee spent a lot of time comparing Georgia and Alabama. In the end, Georgia's two wins over ranked teams made the difference in the No. 4 spot. Alabama clearly is a strong team, but the committee gave the edge to Georgia.”
He indicated Minnesota’s weak nonconference schedule had been holding the Gophers back, but their picking up a major win trumped that this week.
The Big Ten has six teams in the top 25, but should there be a seventh?
Indiana is 7-2, has won four in a row and moved into the Associated Press top 25 at No. 24 this week, but Mullens said of the Hoosiers, “We didn't go into great discussion about them because they weren't on the board.”