Penn State Slips in Latest College Football Playoff Rankings

Penn State didn't lose too much ground in the Week 3 edition of the College Football Playoff rankings despite a loss to Michigan. The Nittany Lions fell two spots to No. 12 in the latest rankings released Tuesday night. Penn State is the third-highest ranked two-loss team behind Missouri (No. 9) and Oregon State (No. 11), a potential key when bowl bids are released.

Penn State lost to Michigan 24-15 on Saturday, going 0-2 this season against its biggest Big Ten rivals. Penn State's lone losses were to Ohio State and Michigan for the second consecutive season. Ohio State, ranked No. 1 through the first two weeks, fell to No. 2 behind Georgia in the latest rankings. Michigan retained its No. 3 spot following its win over Penn State.

"We've lost to the No. 1 [Ohio State] and No. 3 [Michigan] teams in the country," Penn State coach James Franklin said Saturday, referring to the Week 2 CFP rankings. "That's not good enough. We’ve got to find ways to win those games. But address it, be honest, be transparent. Go after it head-on and then move on to the next opponent so we can find a way to get a win next week and finish this thing in a positive direction."

Penn State (8-2) hosts Rutgers on Saturday at Beaver Stadium for its Senior Day game. The Lions need to win their remaining two games, against Rutgers and Michigan State, to have a chance at a New Year's 6 bowl invitation. This week's bowl projections look good for Penn State regarding a NY6 berth.

More on Penn State

Penn State Football on SI.com

Penn State bowl projections following the loss to Michigan

What we know about Penn State's offensive coordinator search

Potential candidates for Penn State's next offensive coordinator

James Franklin remains 'hopeful and excited' about Penn State's future

Ja'Juan Seider, Ty Howle take over as offensive coordinators for Penn State

Penn State fires offensive coordinator Mike Yurcich

Drew Allar struggles against Michigan. The coaches' gameplan didn't help

For Penn State and James Franklin, another missed opportunity

AllPennState is the place for Penn State news, opinion and perspective on the SI.com network. Publisher Mark Wogenrich has covered Penn State for more than 20 years, tracking three coaching staffs, three Big Ten titles and a catalog of great stories. Follow him on Twitter @MarkWogenrich. And consider subscribing (button's on the home page) for more great content across the SI.com network.