All time wins seems like the easiest way to do this and feels like it checks out:
Michigan
Alabama
Ohio State
Notre Dame
Texas
Oklahoma
USC
That's my list of the bluest of the blue bloods. They also each claim numberous national championships, most of which get some reasonable level of respect (Texas, at 4, is on the low-end for MNCs, but hard to ignore all those wins, and that long rivalry with OU).
After that it's helmet status, but probably not quite the cream of the crop.
Penn State, Nebraska, Tennessee, Georgia, Florida State.
I feel like after Georgia the picture gets a lot murkier, but still in the helmet category: LSU, Florida, Miami. But what about Clemson, Auburn, Washington, aTm...I think those are still helmet schools. VaTech? Not really. Arizona State? No. Michigan State? Meh. West Virginia? No. Utah? Only been in the big boy conferences for a few seconds. (Boise State doesn't count.) Wisconsin? I don't think so. Then it's just a jumble of major conference teams who have had their moments in the spotlight, some of which are right now.
I think Nebraska might have stayed in the higher group if it had stayed more relevant since joining the Big Ten. Penn State takes a back seat to those other three in its geographic neighborhood. Michigan, Ohio State, and Notre Dame are just bigger names.