If Iowa, which is already ranked below PSU, loses to No. 2 Michigan in the Big Ten CCG, how would that, in itself, drop PSU from a NY6 bowl slot? Because PSU's win over Iowa becomes less impressive? I have to think that would have an exceedingly marginal effect, given that Michigan is, by all accounts, a profoundly better team than Iowa.
Also, how would Texas beating Oklahoma State in the Big 12 CCG affect PSU? Texas is already ranked higher than PSU, and a win over Okie State is unlikely to move the needle very much. It may enhance Texas' shot at the CFB Playoff if one of the undefeated teams does a faceplant on the final weekend, but how would that, in itself, affect PSU?
That being said, if the choice was a Cotton Bowl or Peach Bowl slot opposite Tulane vs. a Citrus Bowl slot against a representative Power 5 team, I would prefer the Citrus Bowl berth. Even if it pays a little less.