I think Texas would be favored handily over PSU and any other team in the running for that 5 slot, maybe Ohio State would be closer. I agree that OSU looks better to me than PSU, but ... whatever. The good thing, I think, is whatever they end up doing will raise a ruckus, especially if Alabama slides in at 12.
I'd probably go with
Texas
OSU
PSU
ND
Indiana
Tennessee
Clemson
SMU