One of the trademarks of great coaches is that if they are given a few weeks to prep for a better team, they will find a way to close that gap and maybe win the game. JVP did it often, as did some other greats.
That's why the '05 Orange Bowl vs. FSU didn't surprise me by being a close game. In the regular season, Penn State would have beaten them by 2 TDs. Give Bobby Bowden a month, and he will close the gap, even against another all-time great.
Given that JVP consistently proved that his teams got better as the seasons wore on, and his best teams were championship-caliber late in the season, and keeping it to a max of 2 losses in the regular season to make the hypothetical playoff scenario (here, assuming it is 8 teams, as it should be(!)), here's how I see the best of the JVP era seasons:
'68 - I agree that we may have been kept out of the '68 playoffs as a newer player to the power rankings, even at #2. But even if in, maybe we do some damage, but don't win it all. We were not quite where we would be the next season.
'69 - I really liked our chances in '69 to be able to win it all, especially given JVP's ability to prep for a big game.
'73... maybe a playoff team at #5, but that was a strong season and I don't think we would have won it all.
'74 - we finished strong again after a couple of upset losses to Navy under George Welsh (7-6) and NC State under Lou Holtz (12-7?). I think we could have made some noise in a playoff situation that season. Easily handled a good Baylor team in the Cotton Bowl.
'75 - Good team, but not as strong overall.
'77 - This team was excellent. I would have liked their chances against anyone in a playoff situation. Beat a very good Arizona State team by 2 TDs in the Fiesta.
'78 - We were in the NC and lost.
'81 - Another '77.... I like our chances here against anyone. Great, great team, losing to Bama and getting upset in the rainstorm in Miami in a game we should have won. 4 missed FGs?
'82 - NC
'85 - Probably right as losing in the NC. Not enough offense at key times.
'86 - NC
'91 - another team who just rolled through the final month+. I give us a real shot there.
'94 - No doubt in my mind we were the best team in the country and deserved the NC.
'96 - playoff loss likely, but noise to be made. Again, given a month....
'05 - probably not an NC, but plenty of noise to be made.
'08 - Great season, should have been unbeaten in the regular season, but an NC is unlikely given how strong USC and others were.
I believe we will have more playoff-worthy seasons and real opptys in the seasons to come.
I have no qualms about awarding my own mythical NC to the '69 and '94 teams, giving PSU under JVP 4 total. With an 8-team playoff, I see us as strong contenders for #2 in '68, '77, '81, '85, '91, '05. Top 5 in '73, '96, '08.
Not bad. We were fortunate to have so many great seasons and players consistently under JVP for so long, and fortunate again to see that unfolding under Franklin.