Yes, it does, although not by much.
The “quick version” of how Colley works is, you have to solve 120 or so equations in the same number of variables.
Each FBS team (as well as “groups” of FCS teams, where the total number of games played by that group against FBS teams is pretty much equal to the number of games most FBS team have played) has an equation:
(1 + (wins - losses) / 2) = rating * (games played + 2) - sum of opponents’ ratings (multiplying a team’s rating by the number of times the two teams played each other)
The ratings are the unknowns.
The “secret” to Colley is, it assumes that every team starts the season 1-1.
For Kentucky, you get rating * 14 - opponents’ ratings = -3. If they were 6-6, it would be 1 instead of -3, inflating its opponents’ ratings slightly.
Don’t forget about Boise State - if they win, they can sneak into the top 16, and since they would be the Mountain West champion, they would get the automatic BCS berth if they finish ahead of Kent State. (Note that only the highest ranked non-“major” conference champion can receive an “automatic” berth.)
So, who’s in if Kent State or Boise State gets an automatic spot:
The six major conference winners
Notre Dame
Kent State or Boise State
Florida will almost certainly get one
That leaves one - and it looks like a choice between Oregon, Oklahoma, and Nebraska. (They can’t choose a third SEC team.)
It’s going to come down to (a) the order of selection and (b) who wants what team.
Assume Notre Dame and the SEC champion finish in the top 2
Sugar Bowl (replacing SEC winner): my guess is Florida
At this point, there are three openings, and two automatics: Rutgers, and Kent State/Boise State, chosen in this order:
Fiesta Bowl (to play Kansas State)
Sugar Bowl (to play, presumably, Florida)
Orange Bowl (to play the ACC champion - presumably, Florida State)
Even if neither Kent State nor Boise State finish in the top 16, I think the Fiesta will choose Oregon, so the Sugar will have to decide whether Oklahoma or Nebraska “travels better” (translation: “spends more money in New Orleans”), while Rutgers ends up in the Orange.