If you figure that Penn State would have beaten Ohio State and probably revenged their loss to Minny in the B1GCG, I would think the committee would take Penn State
I agree. Looking at the rankings right now, Oregon is #6 with a loss to #12 and zero wins over ranked teams. The only currently ranked team that they could possibly play is #7 Utah.
Penn State is #9 with a loss to #8 and wins over #15 and #20. Additionally, winning out would require beating #2 and either #8, #14, or #20. Even if Oregon's loss ends up better than Penn State's, the Nittany Lions at 12-1 would still have a HUGE advantage over Oregon in quality wins.
Additionally, most of the things that could degrade Penn State's loss and/or their hypothetical quality wins would improve other Penn State results. Ie, if Michigan beats Ohio State that would degrade PSU's hypothetical best win, but it would improve their hypothetical second best win so that is a wash. Even Indiana beating Michigan might be roughly a wash for PSU because it would likely result in Indiana being ranked.