If ISU does not get picked up by a power league, then I think that Iowa's requirement to play them should go away. I also don't think it looks good for ISU to get picked up by a league.
I live down here in SEC country, so I hear a lot about how the other leagues are planning to deal with the realignment. Of the Big 12 teams, ISU and Baylor look the most vulnerable.
Texas and A&M are a combo package. Oklahoma is good and OK State is probably good because of the financial backing of their sports program. While there is no way OK State would get picked up by the Big Ten, it fits an SEC profile fairly well.
Texas is an interesting deal. They really are concerned about the lack of academics in the SEC. While they are a good fit football wise, the scholarly community does not want to be connected to the poor academics at the other Southern universities. That is why the Texas to the Pac Ten thinking is actually not so ridiculous, also remember that the Alamo Bowl jettisoned the Big Ten for the Pac Ten and the Pac Ten also plays in the Sun Bowl.
One school of thought has the Pac Ten taking Utah, Colorado, Texas, Texas A&M, Kansas, and Oklahoma. That would allow a four division breakdown of California: USC, UCLA, Stanford, Cal. Northern: UW, OSU, WSU, Oregon. Mountain: Utah, Colorado, ASU, UofA, and Southwest: OU, Texas, Texas A&M, Kansas.
That would be a bad*** conference, with a really Big Television viewing area with a lot of the country's major television markets. It would REALLY rival the Big Ten 16 team conference.
If that happened, the battle would be between the SEC and ACC for the remaining teams. You would expect the SEC to be happy with Texas Tech, OK State, and Kansas State, the question would be if they tried to raid the ACC. However, the ACC has more top TV markets. So, it makes more sense for them to try to be aggressive.
Going back to the subject, I just don't see ISU fitting in anywhere, unless somehow one of the weaker leagues, SEC or ACC, ended up packaging an ISU, KSU, OSU, TTech division. However, I don't see how that division could be profitable. Odds are the SEC takes KSU, OSU, and TTech, which would just expand their TV market, without too much risk, and ISU ends up in CUSA, or some other lower league.