What has Penn St ever accomplished to make me think otherwise? Other than having a big stadium that is
Penn State: 1968, 1969, 1973, 1982, 1986, 1994.
They are the Indiana basketball of college football.
Ole Miss?
They had a good season in 1960, but in the last 65 years, they haven't done what PSU has done 6 times, and that is go undefeated and garner #1 rankings at the end of the year OR have a one loss season but still be acknowledged as the #1 team in the country in the final vote.
National Championships used to be arbitrary, but many schools celebrate years like the ones above as National Championships simply because one of the 3 voting services had them #1 at the end of the year.
I could point to 1994 and the NY Times poll where they finished #1 while the AP and coaches had them at #2 after Nebraska. Back then, conferences contracted with the Bowls directly and pledged to send their champions to a bowl (Big12 to Orange, B1G to Rose Bowl). So Nebraska and Penn State never met. If they had, Penn State would have blown them out of the water.
They had 15 future NFL players starting, 3x as many as Nebraska, and also 3 picks in the top 10 of the NFL draft while Nebraska didn't have a single first rounder.