Florida Still Have A Shot At The National Title?

Alright, I'm more of a NFL guy, so forgive me for not understanding the BCS and it's convoluted rulings. So Florida lost tonight. But, the ended the season 12-0. So if Texas loses today, does that mean that the next undefeated team is eligible to the title, or does Florida get another shot? Or since Florida lost the Division game, that means that they're automatically out, like in the division games in the NFL?