Alabama has a 120 point lead over Ohio State in the AP poll. One win over Nebraska wouldn't change that, and it's more reasonable to assume the Coaches' and Harris Polls would match those results than it is to assume that Ohio State would make up the gap. Ohio State would certainly be behind Alabama in the computer rankings as well, so Alabama only really needs one of the two polls to stay at #2.
Also, because Ohio State would be ranked higher than Northern Illinois in the BCS, this pushes Northern Illinois to #17 and shuts them out of the Orange Bowl. (Thank goodness.)
BCS National Championship Game: #1 Notre Dame vs #2 Alabama
Rose Bowl: #3 Ohio State vs #7 Stanford
Fiesta Bowl: #6 Kansas State vs #5 Oregon
Sugar Bowl: #4 Florida vs #12 Oklahoma
Orange Bowl: #13 Florida State vs #22 Louisville
As for Penn State, at 8-4, with their story, and their 8-2 run (with close losses to Ohio State and Nebraska), I think they probably get picked up in the Outback Bowl over Michigan. The rest of the Big Ten bowl bids slide down accordingly.
EDIT: Correction - Northern Illinois would not be guaranteed to be shut out of the BCS. Since they're at #15, they slide to #16 with the inclusion of Ohio State. If the Big Ten Championship game is close, say a 3-pt loss for Nebraska, then Nebraska should stay in the top-16, shutting Northern Illinois out. If it's not close, then NIU stays at #16 and the only thing that changes about this season's BCS bowl games is that Ohio State, not Wisconsin, is in the Rose Bowl. A step up, certainly, but not a big one, unfortunately.
Also, Wisconsin would be picked ahead of Northwestern, I think. Forgot to re-include them in the bowl pecking order.
This post was edited on 12/16 at 7:51 am