Not if we beat Michigan at the Big House and Ohio State in Indy.
No team in the country would have a pair of better wins than that.
Not to nitpick but Georgia still has the opportunity to have wins over both Tennessee & Alabama. Tennessee still has a chance to have wins over both Georgia & Alabama. Right or wrong, we all know how the committee would perceive either of those pairs versus Ohio State & Michigan.
As to the matter of whether or not there's any way a 12-1 Illinois team with Michigan & OSU wins can get denied from CFP, someone already kind of alluded to it but it's pretty simple, unfortunately:
Any undefeated P5 conference champ gets in without any debate:
ACC - Clemson (technically also Syracuse)
B12 - TCU
PAC - UCLA
SEC - Any of Georgia, Tenn, theoretically Ole Miss
That's not in any sense likely to happen but that's how a 12-1 Illini team misses. And if it were: Undefeated ACC champ + Undefeated B12 champ, + Undefeated PAC champ, and 1 loss SEC champ, regrettably that 1 loss SEC team whose loss is not to Indiana is getting in over us as well. Just is what it is.
To me, dreaming the big dream remains going to Pasadena on the back of OSU or UM going to CFP. Even that requires us to win in Ann Arbor though, unless you think the committee would consider taking both OSU+UM if they were to meet undefeated ala '06 and play an '06-esque game. I personally don't see it, barring *several* unexpected SEC losses between now & then among Alabama, Georgia, and Tennessee.