I would normally agree, but I don't see them beating Meyer at OSU, Harbaugh at Michigan, or Dantonio at Michigan State on a regular basis no matter what they do. That's 3 close to guaranteed division losses every year. Since the B1G is jumping to a 9 game schedule, they will have 3 cross division games. That means that they will play Nebraska, Wisconsin, Iowa about every other year. I think that they can expect to go 2-1 against the other division. That alone puts PSU in 4 loss territory, plus a What loss and/or a bowl loss. To put the What loss in perspective, they have one of VT, Pitt, and WVU on their schedule every year for the forseeabel future. All of those games are lose-able. And, they play Indiana, RU, and UMD in their division. They should win those, but occasionally one of those teams will pull an upset. Similarly, when PSU isn't playing Nebraska, Iowa, or Wisconsin in the other division, they play Northwestern, Purdue, Illinois, and Minnesota (with Purdue being the least often because of their protected game with Indiana). PSU should win those games, but to varying degrees, at least Minnesota and NW could pull an upset. NW has actually been pretty good lately. They beat Stanford last year. In the end, I would expect PSU to go 7-5 plus or minus a game way more years than not (with 7-5 being a popular number).
That's especially true if Pitt gets good and recruits western PA well.
It's going to be hard to keep things happy in Happy Valley with continued 7-5 seasons and a revolving door at HC. Joe could write things off as being old and "the cost of doing things the right way." I don't think that the next guy will be able to do that. Even with gobs of cash, they aren;t the coaching destination that they once were. PSU might have to wait for OSU/Michigan/MSU to stumble. That could be a while.