On the same level as USC, OU, or tOSU? I don't think so. Those schools have decades of tradition backing up their status as elite programs. Money can buy you a lot of things (see also: Oregon), but tradition is a hard thing to overcome. But I think oSu could establish themselves in the second "tier" of programs, close behind the traditional elites.
I think Gundy is obviously a very good coach, but I remain to be convinced that he's a great coach. Beat us, and then beat OU and I'll believe. But I expect them to lose to OU yet again this year. Hard to be a "powerhouse" when your best team ever can't beat your in-state rival on your home field. If I'm wrong and they win, and can keep Gundy around, then they will be very good for a long time to come. If I'm right about Gundy, this is probably their peak, and we'll see them slip back down a bit (they should still be pretty good though).