Nebraska has to be really, really snakebitten if they're still still considered to be roughly equal to OSU, Texas, etc. Only Nebraska and USC have yet to make the playoffs, and USC has been the closer of the two.
A lot of Iowa fans probably don't like hearing this, but much of it stems from Nebraska's unwillingness to get out of its own way. It doesn't have to go back to the triple option like the service academies, but ever since it went "corn coast offense" with Bill Callahan 20 years ago, the program had totally lost its mojo. The Nebraska brass should have looked to Madison for a viable blueprint to follow, not an NFL retread.
Among former B1G West teams, Nebraska routinely had the highest recruiting rankings even with a string of sub .500 seasons, so they can't use 'lack of talent' as an excuse. There's no reason they can't load up on the buffet busters, get some 215-230 pound bruisers to carry the rock, and have a dependable short-and-intermediate passing game.