I'd be satisfied with an 11-2 season. I'm a little worried about the front seven. In particular I'm worried about the linebackers being exposed a bit without Pitcock and Patterson eating up blockers. And the finish to last season didn't inspire a lot of confidence. But they will be experienced. That has to help.
When I look at the offense, I can't help but see Penn State last season. They had a good running back, a highly-touted QB without much game experience, and a group of (supposedly) talented young receivers, and it didn't amount to much. Obviously, a lot of things would have to go wrong for the offense to end up that bad, but it's a possibility.
But given the caliber of player OSU brings in, the quality of the coaches, and the schedule (which isn't easy, but isn't that bad), I find myself cautiously optimistic. I try to temper my expectations, but if a few breaks go the Buckeyes' way (QB plays well, defense is as good as we've come to expect, Henne and Morelli don't turn into the lost Manning brothers), a return to a BCS game isn't out of the question. But for now, 11-2 is okay with me.
Woo! First non-GatorsAreGood-related post on page six!
EDIT: Crap, scratch that. I'm on page seven.