I would argue that rooting for your conference as a whole is more beneficial to each individual school. It's short-sighted to wish all your conference mates to lose games. Perception is reality and losing bowl games, close or not, makes the entire conference look bad. In the end, even if OSU was eligible last year, they wouldn't have made the title game because the perception is that they beat up on a weak conference.
Look at it like this: You don't want to be the fastest in a race, because everyone else is (perceived as) slow.