That game was certainly significant - for a number of reasons. Also the 1994 PSU team cemented the need for another system - arguably still the best offense to ever take the field, and yet they had to go to the Rose Bowl, while UNL went on to play an average Cane team in Miami.
Too bad the system they came up with has evolved into espn having all the control.
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?