PSU vs. Michigan 2005. Penn State had a pretty good game, but let michigan get out of control. Michigan was within a touchdown on the score board.
Michigan drove all the way into the red zone, and could not get any points. But the refs issued a bogus call, put 2 seconds on the clock when it had run out, and let Michigan win the game.
This gave Penn State their one and ONLY loss during a near perfect season following an absolutely horrible season. Had this not happened, PSU would have been one of three undefeated teams at the end of the year, and MAY have been given a chance at the College Championship, the rose bowl. Instead, they were given a shot at the Orange Bowl, and barely eeked out a win.
The ranking means nothing. However, the BCS system needs to be canned ASAP, and replaced with a playoff system. All the little playoff games can retain sponsorship rights. But it will all lead to the rose bowl.