There is no such thing as a true neutral site for Pitt. Anything not in Pittsburgh is going to feel like a road game anyway. It doesn't matter, because the thought of this series is going to vanish pretty quickly after this year, when there is no "Pitt week" for a reporter to broach the subject the Franklin. After that, it will die down until Penn State either gets a new coach or a new AD (since the current ones in place have more or less made their positions clear).
I happened to be listening to the Fan last night, and Zeise explained it pretty well from the PSU perspective. They have nine conference games and two cupcakes (every same team does at least two cupckaes; you'd be silly not to). That means they really only have one opportunity for a quality rotating opponent. They want to branch out, target new recruiting areas, play in places where various alum of theirs can attend the games, etc. Can you blame them? What does playing Pitt really do for them? Any PSU fans living in Pittsburgh can easily make the 2.5-hour trek a few times per year. They don't need us. And the truth is that we don't need them for anything we can't get from West Virginia.
So, under the current structure (nine Big 10 conference games and the CFP being set up as it is), it really just isn't a great fit. I'm fine with that. I like playing Penn State (though I must admit I'm feeling pretty indifferent on it this year), but I also like a little variety. Tennessee, Wisconsin... I'm all for those types of opponents. But if you want a rivalry, we all know where to find it. Just shoot down 79, cross over the draw bridge, never mind the siblings mating in the water supply, swerve to avoid the charging cannibals, take the exit, duck under the flying bottle of moonshine, park your car, follow the whiskery lady in the camouflage Carhartt overalls, and you're there. Enjoy the game.