Actually (using a minimum of at least 20 bowl appearances) Penn State is farther down. But you are correct in the fact that Ole Miss is still third.

With a minimum of 20 bowl appearances, the top bowl winning percentages are as follows:

1. Oklahoma State (15-8-0)
2. USC (31-17-0)
3. Ole Miss (22-12-0)
4. Auburn (22-13-2)
5. Oklahoma (27-17-1)
6. FSU (24-14-2)
7. Alabama (35-22-3)
8. UGA (27-18-3)
9. Boston College (13-9-0)
10. Syracuse (13-9-1)
11. Penn State (21-15-2)
12. Georgia Tech (23-18-0)
13. NC State (14-11-1)
13. Iowa (14-11-1)
15. Texas (27-22-2)
16. Miami (FL) (18-16-0)
17. LSU (22-20-1)
18. Tennessee (25-24-0)
19. Florida (20-20-0)
20. Washington (15-15-1)
21. Maryland (11-11-2)
22. California (10-10-1)
23. Southern Miss (10-10-0)
24. Fresno State (10-10-0)
25. Nebraska (24-25-0)

With a minimum of 30 bowl appearances, the top bowl winning percentages are as follows:

1. USC (31-17-0)
2. Ole Miss (22-12-0)
3. Auburn (22-13-2)
4. Oklahoma (27-17-1)
5. FSU (24-14-2)
6. Alabama (35-22-3)
7. UGA (27-18-3)
8. Penn State (21-15-2)
9. Georgia Tech (23-18-0)
10. Texas (27-22-2)
11. Miami (FL) (18-16-0)
12. LSU (22-20-1)
13. Tennessee (25-24-0)
14. Florida (20-20-0)
15. Washington (15-15-1)
16. Nebraska (24-25-0)
17. Michigan (20-21-0)
18. Notre Dame (15-16-0)
19. Clemson (16-18-0)
20. UCLA (14-16-1)
21. West Virginia (14-17-0)
22. Ohio State (19-23-0)
23. BYU (13-17-1)
24. Texas A&M (14-19-0)
25. Arkansas (13-23-3)

And including just the Big Daddies that have a minimum of 40 bowl appearances, the top bowl winning percentages are as follows:

1. USC (31-17-0)
2. Oklahoma (27-17-1)
3. FSU (24-14-2)
4. Alabama (35-22-3)
5. UGA (27-18-3)
6. Georgia Tech (23-18-0)
7. Texas (27-22-2)
8. LSU (22-20-1)
9. Tennessee (25-24-0)
10. Florida (20-20-0)
11. Nebraska (24-25-0)
12. Michigan (20-21-0)
13. Ohio State (19-23-0)

https://en.wikipedia.org/wiki/List_of_NCAA_football_bowl_records