The Buckeyes are and have always been a great team. They have seven National Championships, seven Heisman Trophy winners, 36 conference championships, and 78 consensus All-Americans.
They boast one aspect of individual greatness that no other team possesses. They have won at least one of every major award including: the Heisman, Lombardi, Butkus, Maxwell, Outland, Walter Camp, etc. With a total of 34 trophies all together, eight more than any other team.
One of the great Buckeyes of the past, Archie Griffin, is also the only player in the history of college football to win the Heisman twice.
Now many people are wondering one thing, and this is probably what they'll say, "Michigan has claimed 11 National Titles, why aren't they the best team from the Big Ten?" Well, it says it in the quote. They claim the titles. Most of of their National Titles came before the start of AP or Coaches Poll, which is now the basis of college football other than the BCS system. So that's why.
Runner ups: Michigan Wolverines, Penn State Nittany Lions