Why would you need to use if in a head-to-head comparison?
If you are comparing Michigan to Penn State, Michigan gets a checkmark for the win against us.
If we win tomorrow, we will get a checkmark for the conference championships.
The common opponents among us are: Ohio State, Indiana, Maryland, Rutgers, Michigan State, Iowa, and Wisconsin. We would be 7-0 against the common opponents. Michigan would be 5-2. We get a checkmark.
The fourth criteria would be strength of schedule. Michigan probably gets that checkmark because of Colorado.
It's mentioned as a line item in the common opponents bullet because that's the only place it makes sense to use it.