Question about pack grading

I bought a PSA graded 75 Topps mini wax pack today (not in hand yet) that was graded 7. There is a Schmidt card showing on the back of pack. How, if at all, does the 7 play into the cards themselves? Is the grading just on how the wrapper "fits"? Corner condition for the grade have an effect of the quality of cards that may be in it? Any thoughts are welcome as this is the first pack purchase like this.
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Comments
PSA Pack Grading Standards
NM 7: Near Mint. A PSA NM 7 pack is a pack that exhibits similar attributes to a PSA NM-MT 8 but it may possess one or more of the following flaws: There may be slight wear on all four corners, a few pin-hole sized tears on the corners or edges, a very minor tear in the wrapper itself, light toning or soiling on the seal, and/or a small stain, possibly due to water or mildew damage. A small allowance may be made for very light gum bleeding or soiling through the wrapper, not to reach the size of the gum contained within.
Note: This is also the highest grade a cello pack can receive if the top card is 100/0(miscut).
Note: This is the highest grade a pack can receive if the wax wrapper is a complete manufacturer miswrap, where there is a severe centering imperfection to the wrap.
OH NO!
I bought this yesterday:
I just ripped a PSA8 1972 OPC series 2, lost 3 cards to the gum seepage, nothing major just a Billy Williams IA
<< <i>You're going to rip a pack with Schimdt on the back???
OH NO!
I bought this yesterday:
That is a nice one you got there.
That's a beaut of a '75 mini pack...I wouldn't open it!
I need a '75 OPC in PSA 9.
Doug
Liquidating my collection for the 3rd and final time. Time for others to enjoy what I have enjoyed over the last several decades. Money could be put to better use.
Good Luck if you rip!
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.