This controversial call had major implications for the national championship race. Both Penn State and Nebraska were undefeated, and the winner of the game would likely have a clear path to the national title. With the win, Penn State moved to No. 1 in the polls, while Nebraska dropped to No. 2. However, the controversy surrounding the McCloskey catch continued to linger, and many felt that Nebraska had been robbed of a victory.

In the end, neither Penn State nor Nebraska played for the national championship. Penn State lost to Alabama in the Sugar Bowl, while Nebraska was upset by Oklahoma in the Orange Bowl. The debate over whether Penn State or Nebraska would have played Georgia in the Sugar Bowl for the national championship remains one of the biggest "what if" scenarios in college football history.

The following year, in the Kickoff Classic, Nebraska got its revenge, defeating Penn State by a score of 44-6. While this victory provided some consolation for the Huskers fans, it did not erase the memory of the controversial call from the previous year. The 1982 Penn State-Nebraska game will always be remembered as one of the most thrilling and controversial games in college football history.