From what I've read about UL-M, they've gone through a similar process as Iowa, except they're starting from a much, much lower point. When their new coach took over this spring they had five guys on their roster.
I can't speak to the point spread... if I gambled, I would stay away from this Iowa team for the first 8-10 games (if not the whole season), because you're probably going to see pretty erratic play, flashes of competence, flashes of success and flashes of horrible, horrible basketball.
One problem with these early games is that there is absolutely no fear in the other teams coming into Carver. Iowa used to be able to put away the UL-Ms of the world in about ten minutes... even the opposing coaches would admit they were traveling to Iowa for the check, not in hopes of a win (I specifically remember Larry Morgan saying something about this when I was 12 and it blew my mind). That is obviously gone and Iowa is going to get every team's best shot. It will take a while to reestablish.