The proposed is an interesting quandray. Three 1-loss teams deserving of a title shot against the MIGHTY USC.
Here's kinda how I see it breaking down. If OSU beats Texas they vault to #2 in the rankings and Texas drops to somewhere around 7-8. At this point, I'm not even sure if Penn St is ranked. Now after Penn St. beat us, with both teams being unbeaten, would they jump up ahead of a one loss Texas? Here's the hypo-situation:
The week before Penn St. beats OSU (real life) let's flip OSU and Texas in the polls and bump Texas up 1 spot.
OSU - 2
Texas - 6
Penn St. 17
They might. However, the more interesting question is, would a 1-loss OSU fall behind a 1-loss Texas? You bet they would. That means a now unbeaten Penn St. a 1 loss OSU and Tejas shapes up like this...
Penn St. 7
That's how I feel the polls would break down. Now after the Michigan loss, and everything plays out, you end up end season with Texas 2, OSU 3, Penn St 4 effectively the same exact bowl situation as we have now. Which teaches us one thing, it's not how good you look, it's where you started in the polls. (Voter polls)
Now, it's possible that the voters could change their collective mind in the last week, and I personally think, it might have happened. Or would it?
PLUS, OSU and Penn St would both be above Texas in the computer with it probably being OSU, Penn St, Texas in that order. And with the poll BCS component being a % of total vote and not the rank, it wouldn't take much voter swap to get a change. Let's look...
1) Story lines. Oh those crazy voters love story lines. The biggest one? JoePa's return to glory. The voters screwed him in '94. Why? They thought Osborne was retiring soon and gift wrapped him a national title. This year, the voters are pretty sure JP is going to die soon, that gains him some votes.
2) Players. Voters want to see the best players in the biggest games. Remember it's not USC vs. Texas. It's Leinart and Bush vs Young. Trust me, I hate it to, but it's how it works. This fact gains Texas some votes.
3) Head-to-Head matchups between them swing some votes too
So here's how I think it ultimately plays out...the two polls wind up like this
Texas - 2 (Love players and Mack Brown)
Penn St - 3 (Joe Pa, plus Penn St. beat OSU)
OSU - (No story lines, but they take some of Texas's votes since they beat them)
I think the entire AP/Harris poll is separated by less than 60 points from 2-4. What's that due? Makes the computer component even more of a factor.
Hypo Computer poll
OSU - 2
Penn St - 3
Since the pollsters know how the computer will affect things, and they want Penn St. to go rather than OSU for reasons previously mentioned, they gain a few more votes. PLUS Penn St. going it the least controversial since they beat one of the other two, and didn't lose to one of them.
Therefore the final BCS rankings would look like this...
Penn St 2
I know I'm making some assumptions, but hey, it's a hypothetical, that's what you do.