Apparently, in the NCAA world, this is eminently possible:
When asked to clarify how the NCAA officially views USC’s record from 2005, Jeff Williams, the associate director of media coordination and statistics for the NCAA, provided a link to the organization’s list of USC’s season-by-season records. It lists the Trojans as 0-0 in 2005 and notes that 12 wins and the Rose Bowl loss were vacated.
From a Texas perspective, the NCAA still includes the game as a win.
Sure, we all remember that time Texas beat someone in the Rose Bowl, but apparently that wasn’t really USC, since they didn’t exist that season.