Yes, but it means absolutely nothing. Unlike in times past when the AP and UPI/Coaches poll were deemed as universal determinants of who was the "BEST", the AP opted out of that respectful position.
In the scenario you present, which is very possible, there has been no complicit agreement among conferences, among schools, among teams, etc... to recognize the AP as valid.
The BCS has those agreements, those bonds, those handshakes, if you will, to give full and total recognition to the the winner of the BCS.
What the fans think or what USC fans thought or what some fans may think this season if the scenario you list plays out means very little to "BCS" teams.