Looking at CFP rankings there is a possibility PSU could make it into a NY6 game if they win out and other things break right.
One possibility is that both Mich and OSU make it into the CFP final 4, in which case PSU will go to thevRose Bowl.
Another possibility is Ga and Tenn make it into the CFP while Bama loses to Auburn. In that case, PSU has a good shot at the Orange Bowl. If PSU gets the Orange, then the ACC gets the Big Ten's spot in Reliaquest bowl, so nothing much changes in the bowl pecking order except Purdue might move up to the Citrus instead of going to Tampa.
But most likely, PSU could get the last slot in the Cotton Bowl, depending on how things play out in the PAC and Big 12.
If PSU ends up in the Rose or Cotton, then everybody in the Big Ten gets bumped up 1 spot in the bowl pecking order, which could be bad news for the Big Ten's overall bowl record.