The only way they would be left out in the cold was if the Rose Bowl -- where both of the teams had automatic bids -- was played between two of the top-ranked teams in the country.
That all ended when Penn State joined the Big Ten -- which they did for purely financial reasons. So they end up as one of the top-ranked teams but were forced to play an Oregon team with three losses in the Rose Bowl. Too bad, eh?
Well, if it wasn’t for the popularity of Big East Basketball at the time, we would have had an Eastern All Sports Conference with PSU, Pitt, WVU, BC, Syracuse, Temple, Rutgers, Maryland (maybe), etc.
Sure PSU took the money, but it wasn’t sports money. It was CIC money and the incredible increase in research grants that have resulted.