PSU was overrated as a top 10 this year. A couple good RBs but it is never good when you have a 6th year senior qb.
Any team that gets blown out is going to sink in ratings.
But Penn State is not a horrible team. Even after the loss, they are ranked #16 and are #14 in FPI, #14 in SP+, and #12 in F+.
They are #15 in team talent composite for 2022, having a bunch of high-ranked players: 5-star RB Nicholas Singleton, 5-star DE Dennis-Sutton, 5-star backup QB Drew Allar, a bunch of guys who will be drafted into NFL: DE Chop Robinson, DT PJ Mustipher, CB Joey Porter, Jr., RB Kaytron Allen, TE Brenton Strange.