1. At the beginning of a season Tony Babers when at the FCS level said he could put together a team (I think they got to the championship that year) that could compete quite well with D-1 programs until the injuries piled up. He said after the starters, the talent level dropped off quite quickly. So losing to a D-1A school early isn't as bad as it appears. ISU likely has the same scenario.
2. Michigan had key injuries including the QB. They finished the season losing 3 or 4 and struggled against Indiana.
3. It's very hard to run the table for anyone. Everyone comes at you.
So therefore there is logic. There is logic behind ISU losses.
If Iowa has a bad season, there is logic behind it. If they have a good season, there is logic. This is a team that has the basics to do either or be in the middle which is likely what will happen baring the new OC being really bad.