Yup.
Except I don't think Iowa will ever be in the hunt. Like not even once in a while. Unless things change, Iowa needs to have 3 out of Michigan, OSU, Penn State, and Oregon to have a down year, and at the same time can only lose 1 game on their schedule. That odds of that ever happening all in 1 year just don't pencil out. It is what it is.
I gave my thoughts about a 4 conference league with 4 divisions each, winner of each of the 16 divisions makes the playoffs. Could possibly happen in that scenario but they'll never go that route. The alternative is breaking away and either leaving the B1G (never happen because the program would die out with no B1G money), or like
@HuckFinn suggested, the blue bloods leave their conferences to form a new one. That won't happen wither because it's too easy for the OSUs and PSUs to beat up on the Iowas and Wisconsins of the world.
I'm fine with it...what choice do I have?