According to this..

http://sports.yahoo.com/nfl/playoffscenario?algorithm=currentStandings (thanks Steelerdipwad)

The Steelers are in as the #6 if the Broncos, Ravens, and Steelers all finish 9-7.

I read it as the first WC tiebreaker is head to head which would apply if one team beat the other two, or if one team lost to the other two. That applies here as Denver has lost to both Balty and Pitt, which means they are out. Here is the list of tiebreakers per NFL.com-

(Note: If two clubs remain tied after third or other clubs are eliminated, tie breaker reverts to step 1 of applicable two-club format.)

1.Apply division tie breaker to eliminate all but the highest ranked club in each division prior to proceeding to step 2. The original seeding within a division upon application of the division tie breaker remains the same for all subsequent applications of the procedure that are necessary to identify the two Wild-Card participants.

2.Head-to-head sweep. (Applicable only if one club has defeated each of the others or if one club has lost to each of the others.)

3.Best won-lost-tied percentage in games played within the conference.

4.Best won-lost-tied percentage in common games, minimum of four.

5.Strength of victory.

6.Strength of schedule.

7.Best combined ranking among conference teams in points scored and points allowed.

8.combined ranking among all teams in points scored and points allowed.

9.Best net points in conference games.

10.Best net points in all games.

11.Best net touchdowns in all games.

12.Coin toss

When the first Wild-Card team has been identified, the procedure is repeated to name the second Wild-Card, i.e., eliminate all but the highest-ranked club in each division prior to proceeding to step 2. In situations where three or more teams from the same division are involved in the procedure, the original seeding of the teams remains the same for subsequent applications of the tie breaker if the top-ranked team in that division qualifies for a Wild-Card berth.

So, clearly Den has lost to both and would be out. But even without that they would be out. The division record thing is only to seed the WC contenders, i.e. taking Pitt and Balty, and seeding Balty higher based on division record. With that seeding, Balty would be first matched up with Denver, and would win on head to head. Then the Steelers would be matched up with Denver, and would win on head to head. This only applies if its just Balty/Pitt/Den at 9-7 going for the 2 WC spots. Hou/Jax/NYJ all would have various tiebreakers against the Steelers if they finish 9-7. MIA would be out if they lose to Pit and Ten loses the head to head against the Steelers.

OK, phew... requires to much brain power.