At risk of continuing a somewhat pointless discussion about the national championship...
If we are going to really compare our chances of a national championship vs. Penn State, then it has to be said that our chances are better, given equivalent teams. Biz's point about fanbase is only partially true; the part that leads to recruits that can go undefeated in any given year. But the reason that UConn's chances are better than PSU with equivalent teams is that our chances of going undefeated in the Big East are better.
Let's say Penn State goes 10-2 or 11-1 (loss to OSU or a Wisconsin type). With that same team, we likely go 12-0. Then it is up to those idiot voters whether we or PSU go on to play that 1-loss SEC team (that will get in no matter what) and give us a "puncher's chance" at the title. So long as our schedule contains Louisville, Cincy, Rutgers, USF, Pitt or Boise, and a couple of non-conference like NCState, we will likely be chosen.
Now let the "you're wrong!" begin...