yes, there are a number of other threads on this topic. However, the main 3-4 is a recently resurrected thread that was started months ago, and this one specifically is informative about how Nebraska might actually run the thing. There will be some parallels in the discussion, of course, but I think I will leave this thread as is.
I think the way it has been described, this would be "sorta" a 3-4 but is more just a wrinkle introduced to complement our base defense. Instead of the 4-man front with two ends and two tackles, we'd put three tackles up front, and the two "outside LBs" would just be two stand-up defensive ends. It blurs the positions a bit, but when you see guys transition to NFL 3-4s you see the same sort of thing, lighter DTs being kicked outside to 3-4 end, and ends converting to 3-4 OLBs.
So, here, we're not actually talking about moving Ankrah/Martin/Meredith to OLB, I think. More like they'll be put in a stand-up, rush the passer position. It *is* sort of a 5-2. It also parlays our depth at DT and masks our weaknesses at LB (there would be two LBs on the field), without going into a sub, extra-DB formation.
Bo is no stranger to experimenting around with his defense either. I think I remember some pretty exotic fronts, such as one DT only, everyone else standing up.