Wisconsin's 1 loss came to MSU...a team we destroyed.
Wisconsin won four games against: UNLV, San Jose State, Arizona State, Austin Peah.
Sure, they'll have one more win than us. And sure, they beat us head-to-head(some will argue we beat ourselves, but that's for a different day...)
Wisconsin is currently ranked 7th right now. They will not jump up any higher than that, assuming no big upsets in the top 5 occur.
If Iowa wins out, including a win against a top 10 BCS team late in the year, they will very likely be in the 8-9 range in the BCS.
Just because wisconsin is ranked higher than Iowa by 1 or 2 spots, that means nothing. Sugar Bowl wants a sell out. Will Wisconsin bring as many as Iowa? No.
Look at the schedules. Iowa has played one of the hardest schedules.