Wild things can happen but as of right now it really feels like it's NDSU and then everyone else. Assuming the Bison don't trip up they've got the 1 seed on lock and it would seem that the 2 seed is going to be vitally important for the sake of home games & avoiding NDSU until the natty.
Looking at things I think you've got a handful of teams that seemingly have the best shot for it.
Control their destiny
Montana - @Weber, vs EWU, @PSU, vs MSU. I think the Grizzlies control their destiny, undefeated and Big Sky conference champions capping the year with a top 5 win (presumably) against MSU would vault them over Tarleton on accounts of winning a far stronger conference and by then they should be ahead of Tarleton in Massey, SoS, and Sagarin too.
Tarleton State - @ACU (ranked 24th), bye, vs N. Alabama, vs Austin Peay (ranked 22nd). Tarleton is probably winning out, if Montana stumbles they've probably got the 2 seed locked down even though some other 1 loss teams could have far better SoS / Massey / Sagarin arguments. I just don't see the playoff committee seeding a 1 or 2 loss team over an undefeated Tarleton.
Need some help
South Dakota State - vs Indiana State, @USD, vs Illinois State (ranked 17th), @ North Dakota (ranked 9th). SDSU needs to get healthy and two games against bad teams could get them right. If their only blemish is a loss without their starting QB @ the 1 seed NDSU by season's end they're a strong candidate. They'll need Cats to beat Montana and Tarleton to drop a game I think.
North Dakota - @USD, vs NDSU, @Murray, vs SDSU. A wicked finish to the season for the Fighting Hawks who are playing really good football right now. They would be the hottest team in the FCS if they can somehow run the table and beat NDSU and SDSU to outright win the MVFC. If UND goes on that run I could see the playoff committee elevating them over an undefeated Tarleton, and maybe even Montana despite the head to head. Lets say UND wins out and the Griz lose to the cats.... they legitimately could land the 2 seed without needing as much "help" from other teams games. All you have to do is beat some of the most dominant teams of the last two decades, no big deal lol.
Needs lots of help
Montana State - @UNC, vs WSU, vs Davis, @ Montana. The best the Cats can finish is 10-2, however the losses would be SDSU at home and Oregon, so no bad losses. Their last 4 games, save the Weber one, will test this team and if they win out they've got an interesting argument. For MSU to land the 2 seed they'll need to obviously win out and have both Tarleton and SDSU drop a game.
UC Davis - vs ISU, @Idaho, @MSU, vs Sac. Davis's no contest against Mercer is going to haunt them. They'll need to win out to finish 10-1 with their only loss being to Washington. Their two signature wins would be road wins against NAU and MSU. To win the conference if they need to beat MSU and then MSU needs to beat Montana. Like others would need Tarleton and SDSU to drop another game as well. Tough road ahead but not impossible.
Needs absolute chaos
Lehigh & Tennessee Tech - Yes both are undefeated but have incredibly softer schedules in smaller conferences. None play any ranked teams to close out the season. TTU has to play Kentucky still so they'll post 1 loss presumably. You would need virtually every team above them to lose more than 1 game and to an unranked team for that to happen and then insanity in both the Missouri Valley and the Big Sky to elevate them. It's not impossible I guess, but I just can't imagine it.
Just, no
Harvard - I guarantee you some doofus like Craig Haley is going to argue that a 10-0 Harvard should be a top 4 seed though.
Looking at things I think you've got a handful of teams that seemingly have the best shot for it.
Control their destiny
Montana - @Weber, vs EWU, @PSU, vs MSU. I think the Grizzlies control their destiny, undefeated and Big Sky conference champions capping the year with a top 5 win (presumably) against MSU would vault them over Tarleton on accounts of winning a far stronger conference and by then they should be ahead of Tarleton in Massey, SoS, and Sagarin too.
Tarleton State - @ACU (ranked 24th), bye, vs N. Alabama, vs Austin Peay (ranked 22nd). Tarleton is probably winning out, if Montana stumbles they've probably got the 2 seed locked down even though some other 1 loss teams could have far better SoS / Massey / Sagarin arguments. I just don't see the playoff committee seeding a 1 or 2 loss team over an undefeated Tarleton.
Need some help
South Dakota State - vs Indiana State, @USD, vs Illinois State (ranked 17th), @ North Dakota (ranked 9th). SDSU needs to get healthy and two games against bad teams could get them right. If their only blemish is a loss without their starting QB @ the 1 seed NDSU by season's end they're a strong candidate. They'll need Cats to beat Montana and Tarleton to drop a game I think.
North Dakota - @USD, vs NDSU, @Murray, vs SDSU. A wicked finish to the season for the Fighting Hawks who are playing really good football right now. They would be the hottest team in the FCS if they can somehow run the table and beat NDSU and SDSU to outright win the MVFC. If UND goes on that run I could see the playoff committee elevating them over an undefeated Tarleton, and maybe even Montana despite the head to head. Lets say UND wins out and the Griz lose to the cats.... they legitimately could land the 2 seed without needing as much "help" from other teams games. All you have to do is beat some of the most dominant teams of the last two decades, no big deal lol.
Needs lots of help
Montana State - @UNC, vs WSU, vs Davis, @ Montana. The best the Cats can finish is 10-2, however the losses would be SDSU at home and Oregon, so no bad losses. Their last 4 games, save the Weber one, will test this team and if they win out they've got an interesting argument. For MSU to land the 2 seed they'll need to obviously win out and have both Tarleton and SDSU drop a game.
UC Davis - vs ISU, @Idaho, @MSU, vs Sac. Davis's no contest against Mercer is going to haunt them. They'll need to win out to finish 10-1 with their only loss being to Washington. Their two signature wins would be road wins against NAU and MSU. To win the conference if they need to beat MSU and then MSU needs to beat Montana. Like others would need Tarleton and SDSU to drop another game as well. Tough road ahead but not impossible.
Needs absolute chaos
Lehigh & Tennessee Tech - Yes both are undefeated but have incredibly softer schedules in smaller conferences. None play any ranked teams to close out the season. TTU has to play Kentucky still so they'll post 1 loss presumably. You would need virtually every team above them to lose more than 1 game and to an unranked team for that to happen and then insanity in both the Missouri Valley and the Big Sky to elevate them. It's not impossible I guess, but I just can't imagine it.
Just, no
Harvard - I guarantee you some doofus like Craig Haley is going to argue that a 10-0 Harvard should be a top 4 seed though.