Nebraska is fully capable of making it back to the elite of college football.
If Iowa, a team with less recruiting resources, less tradition, lesser facilities, and less booster support can go undefeated and play for a win-and-you're-in conference title, Nebraska can certainly do it, too.
Michigan St. is another team with less that's doing more, in my opinion. Stanford, though in a great recruiting ground, has tough academic standards their players have to get by, and even Nebraska has some advantages they don't.