If you're serious, what you're saying is that a 7-5 Michigan team is more valuable and will bring in more dollars than Penn State potentially playing for a national title (though I still think they would have had a really hard time jumping Texas or USC).
Like
@PSU-Knocker said, it's a business. Make the business case for me that having two of the top brands (or one the last decade) in the sport competing on the national stage is more valuable than having four.
So your argument is based entirely on your own speculation that there have been other waivers denied, with absolutely no evidence whatsoever? I mean come on, it's 2016. If someone were trying to transfer in conference there would be a blog story, a message board post, an army of angry commenters when Rudock got approved. Let's see anything.
And again, show me where another program hasn't released a grad transfer to an in-conference opponent. Iowa did. One point of data. Who else has blocked a grad transfer from another Big Ten program?