Maybe so, but the committee doesn't consider margin-of-victory.
If OSU and PSU win out:
SOS (with a win over Whisky): Push
Conf Champs (from the toughest division in football): PSU
Head-to-head: PSU
Record: OSU
It's not so clear cut. The committee 2 years ago gave OSU the benefit of the doubt for winning the Big10 over two other similarly qualified teams. So, the question is, does the value of a head-to-head game trump one more loss to the committee (debatable but I'd say yes), and does a conference championship mean more than not having one (absolutely yes).
I see no scenario where, if we both win out, they get in and we don't. It's not going to happen. Both of us can absolutely go, or just us, but not just them. Zero justification for it practically or historically.
I agree with practically everything in these two posts but we are conveniently overlooking a few metrics the committee also usually looks at:
Overall SOS: Fairly close right now, but we add a win over Rutgers and Wisconsin (in theory) while they add a win over Michigan.
Overall Strength of Record and Game Control: OSU is ranked #3 and #2 respectively in these stats mentioned frequently by the committee. We rank #11 and #45. I think that #45 goes up if we control the entire game these last two games but SOR might go down.
FPI factors is scoring margin which the committee says they don't consider (officially) though some members may choose to factor it. OSU is #3, we are #21.
If you figure Wisconsin losing to us would drop them out of the top 10, that would give us a 1-1 record vs. top 10, same as OSU. Versus top-25, likely they have and extra (big) win on the road at Oklahoma that could still end up in the top 10.
A 3-point loss on the road coming off a road win against a ranked team with us having an extra week to prepare may mitigate the strength of our head-to-head argument.
I think the more likely scenario is they get in at #3 and we get in at #4 if we both win out. I think Louisville is where we should be starting our comparison arguments.