I see the PSU having no protected rivals as a move from their AD to try to have a year where they don't play OSU or Michigan in the regular season. Their fans want them to play OSU regularly, but especially in the new format I could see them having one or both of those games as a protected game being viewed as a detriment to them getting into the expanded playoff.
Like, there is a world where PSU misses OSU and Michigan and goes undefeated in the regular season, and then plays the winner of the OSU vs Michigan game in the B1G championship. In that case, unless they get blown out, they likely will be within the top 12 when the playoffs happen.