I believe all scenarios point to a shared title with OSU. Penn State beating Michigan State = shared with PSU. Michigan State beating Penn State = shared with MSU. Assuming OSU wins the rest of their games, of course.
If Penn State loses to Michigan State (or Indiana) then OSU will go to the Rose Bowl.
On a personal note - good job screwing up a great season, Penn State. All you had to do was win out and let the Big 12 and SEC boys beat on each other for a great chance to retire JoPa with a championship. Ugh.