1) OSU is an average football team with one high profile player , a defense that is mediocre on its best day, and an offense that struggled against Purdue which, I believe, is statistically the worst defense in the Big 10. This team is probably ranked too high at 12. The Big 10 is also a below average conference at best this year.
2) Unimpressive victories over mediocre or below average teams (such as Purdue) are not impressive. The voters are reflecting this in their rankings.
3) USC is ranked higher and dropped lower after their loss because the people that rank the teams have come to the conclusion that USC is a better football team than Ohio State. This probably has something to do with the drubbing that the Buckeyes received from the Trojans.
4) If Ohio State wins the Big 10 they will earn a spot in a BCS bowl game. They have virtually no chance to earn a spot in the BCS Championship because other one loss teams are almost a guaranteed lock to rank higher in the final BCS poll. To claim unjustice because Ohio State is being scammed displays poor sportsmanship, a lack of understanding about how the BCS works, or both.
5) If Ohio State somehow finds a way to beat Penn State you will see a jump in the rankings. However, if Ohio State loses this game they will drop like a rock. Prepare yourself for that possibility.
It's time to step back and try to take a realistic look at what the Buckeyes are this year. They are a good team. That's it. There's nothing wrong with being a good team.