I base the label of "blue blood" in any sport on sustained level of success, championships and, in football, bowl games won, individual award winners, and, most importantly, whether a certain program's status has transcended to a brand based on attendance, fan following, cultural relevance and regional and/or national importance. That's why under any meaure, PSU deserves that label in football. Paterno definitely transformed the PSU program into something more than just a college football program, but also gave it cultural significance, which is reflected in stuff like the Cappelletti movie, PSU being referenced in other football movies, Paterno being named SI Sportsman of the Year, etc. Essentially, Paterno did for PSU what Coach K did for Duke, and there's nobody who would deny that Duke is a blue blood in basketball.
Based on the above, I believe that FSU is close, but they really only became relevant in the early 80s, but they have won National Championships and had a lot of major award winners. Florida also is close, but they really didn't become a consistent major player until the early 90s when Spurrier took over. IMO, Auburn is behind both FSU and Florida, and still is a long way away from being given that label.