With its 46-17 win over Michigan, Penn State maintained its No. 3 ranking in both the Associated Press and USAToday coaches' polls. The more important news, in terms of the Lions' national championship standing, was that Penn State was No. 3 in the first BCS standings that were released today.
The AP story linked above doesn't make Penn State's road to the national title look very easy, even if they win out and a Big 12 and SEC team has one loss.