Every team eventually experiences a down cycle, and in retrospect it is often possible to pinpoint the precise moment when such down cycles occurred. Florida State had an amazing run of fourteen straight top-5 finishes from 1987 to 2000 (172-19-1 record, .887 winning percentage, 11-3 record in bowl games, 9 straight ACC championships, and national championships in 1993 and 1999) ... but in the eight seasons after losing the 2000 national title game to Oklahoma, the Seminoles have posted a record of just 67-36 (.650), have gone 4-4 in bowl games (0-3 in BCS bowls), and have earned only three ACC championships.
Despite Florida State's success, the University of Miami may have had the most impressive run of any team in the past three decades. Prior to 1980, Miami was just another non-conference patsy, and the Hurricanes' overall record from 1927 (their first year of college football) to 1979 was just 270-234-19 (.534). However, in 1980, the program's fortunes improved dramatically, and by 1983 the Canes had won their first national championship. Between 1980 and 2002, Miami compiled an overall record of 226-49-0 (.822), including 12-7 in bowl games, and had won five national championships (1983, 1987, 1989, 1991, 2001). The Hurricanes, riding a 34-game winning streak and looking for back-to-back national titles, experienced their Waterloo in the 2002 BCS championship game, when our very own Ohio State Buckeyes stunned the college football world with a thrilling 31-24 victory in double overtime. While the game seemed like a fluke at the time, Miami never recovered from the shock, and the Hurricanes' record in the succeeding six years is just 48-27 (.640), with only one conference championship.
With the hiring of head coach Bob Devaney in 1962, Nebraska hit the big time. Since that season, the Cornhuskers own the best winning percentage of any Division I-A team, having posted an overall record of 451-114-5 (.796), with 23 seasons of at least ten wins each. Although Nebraska won back-to-back national titles in 1970 and 1971, they really hit their stride in the early 90's. From 1993 to 2001, the Huskers won nearly ninety percent of their games (102-12-0, .895 winning percentage), were 6-3 in bowl games (5-2 in major bowls), and won three national championships (1994, 1995, 1997). But Nebraska's last gasp came in 2001, when they got pounded in the BCS title game by the Miami Hurricanes by the score of 37-14. Since that crushing defeat, the Cornhuskers have a combined record of 53-36 (.596), with two losing seasons thrown into the mix.
Ohio State experienced something similar during the glory days of Woody's regime. After being a mediocre team for much of the 1960's, the Buckeyes put together the fabulous run which saw them go 73-11-1 (.865) from 1968-1975, and win seven Big Ten championships as well as the 1968 national title. Regardless of their overall success, the Buckeyes just couldn't seem to get over the top, as season-ending losses in 1969, 1970, 1972, 1974, and 1975 cost them national championships, and a tie versus Michigan in 1973 marred an otherwise perfect season; Ohio State's only bowl victory during that stretch of near-misses was a 42-21 hammering of Southern Cal in the 1974 Rose Bowl, but not even that impressive showing could move the Buckeyes (10-0-1) ahead of a perfect Notre Dame squad (11-0-0) in the 1973 final AP poll. Ohio State had one last shot at greatness in 1979, but fell a single point short of a national championship, as they lost a heartbreaker to Southern Cal in the Rose Bowl, 17-16. After that 1979 season, Ohio State entered a prolonged period of relative malaise that saw them go 188-73-5 (.716) in the twenty-two years prior to their national championship in 2002. While Ohio State's decline was not as precipitous as the others mentioned above, it was certainly much longer (at least so far); in addition, the Buckeyes won just six Big Ten championships (one outright) during that span, and they were truly relevant on the national stage only a few times (1995, 1996, 1998).
So we now have four examples of a powerhouse program losing a national championship game - Ohio State in 1979, Florida State in 2000, Nebraska in 2001, and Miami in 2002 - and then falling off of the college football map for the next several seasons. Other similar examples probably exist. The question remains - did the same thing happen to Ohio State after the 2006 BCS title game?
Ohio State has certainly seen a decline in fortunes after the Florida debacle, but the Buckeyes still managed to post double-digit wins in both 2007 (11-2) and 2008 (10-3). Of course, it remains to be seen whether the past two seasons mark the gradual start of a long slide, or whether they merely represent those shallow valleys that must be negotiated before one reaches the highest heights.