First of all, it wasn't the "media" that annointed the 2007 Trojans the greatest ever - it was Stanford coach Jim Harbaugh at the preseason Pac 10 conference media day. But it's true that ESPN has been riding their collective jock for the last few years.
As a UCLA grad, I'd love to agree that the University of Spoiled Children will face the same fate as NU, but I can't see them falling nearly that far. As others have noted, they have a ton of injuries this year to major players. Plus they're still absolutely loaded with talent and continuing to get top recruits. This season is a setback, to be sure, but they'll rebound just fine next year. Carroll isn't going anywhere. He is almost on the level of John Wooden (God status) around southern California. Unfortunately, those bastards will continue to be the team to beat in the Pac 10 for the next few years at least.