The Rose Bowl agreement was a direct statement by the PCC (now Pac) & Big 9 that the prevailing culture held by southern schools was unacceptable. That being that football players should be treated as any other student athlete rather than quasi professional paid players and that the color of a player's skin should not be what determines whether they have the opportunity to attend a school of higher learning.
The Rose Bowl is a big deal because it has been an example that college athletics should stand for something more important than bragging rights over meaningless 'titles'.
Ohio State, Penn State and Nebraska would all join you in that opinion I think. The other 8 I'll bet pick the Rose Bowl. And its no surprise that the first 4 actually have National Championship Trophies in the case, and the later 8 do not.
Minnesota has as many recognized modern national titles as Penn State & TSUN combined.