Palmer coming back in 1994 is one of the great what ifs of my lifetime. I do think he puts us over the top against Florida. As for winning an NC? Well you had Penn State obligated to the Rose Bowl to play Oregon. That still would have occurred. Nebraska, as part of the Bowl Alliance (Big Ten and Pac Ten weren't members) could have gone to the Sugar Bowl to play Alabama. Maybe Selma can help here. I think Alabama was ranked #3 going into that Florida game. That ranking would have held with a win. I think the Sugar Bowl would have been #2 Nebraska, and #3 Alabama. I'm not sure we could have beaten the Huskers. But this wasn't the juggernaut Nebraska that crushed Florida the next season, so maybe we would have had a shot. I think we would have garnered at least a share of the title if Penn State had also beaten Oregon as they did in reality.
As for this ranking, I agree Palmer should be higher. But as electric and exciting as he was, I'm not sure he should be top 10. Just from off the top of my head, I'd rank Amari Cooper, Julio Jones, Derrick Henry, Cam Newton, Bo Jackson, Shaun Alexander, Chris Samuels, Barrett Jones, Derrick Thomas, and Cornelius Bennett higher than The Deuce. But he'd be at least top 25, IMO.