We had four spurts of relevence between 1956-1988. It can be done with the right people in place. And you could argue that Lute's teams in 1976 and 1977, with Sky King at center, would have easily qualified for the NCAA's if 68 teams got in back then. And that was even more true in Ralph Miller's era.
Iowa doesn't have to be a blue blood. But it can be what it was that era. The B1G certainly wasn't any weaker and if anything may have been stronger.
The thing is, Iowa will have other spurts of relevance. They just aren't in one right now. If we were always in a spurt of relevance, we would be a blue blood.