I always think of original aristocracy when it comes to a blue blood.
Penn State won not just one but TWO national championships (in 1911 and 1912):
7 years before Notre Dame won their first one in 1919
13 years before Alabama won their first one in 1925
19 years before USC won their first one in 1931
30 years before Ohio State won their first one in 1942
38 years before Oklahoma won their first one in 1950
39 years before Tennessee won their first one in 1951
51 years before Texas won their first one in 1963
58 years before Nebraska won their first one in 1970.
I also think a blue blood is consistently good through the decades:
Penn State football had multiple 11+ win seasons during the '60s, '70s, '80s, '90s, '00s, '10s and '20s, a feat Ohio State, Michigan, Nebraska, Alabama, Texas, LSU, Georgia, USC, Notre Dame, Auburn, Clemson, FSU, Florida, Miami, Oklahoma, Tennessee nor Texas A&M can claim.
In terms of all-time wins, Penn State is 7th. In terms of all-time winning percentage, Penn State is ninth.
In terms of bowl win percentage, Penn State is 7th.