I figure two and out, with Sweet 16 as our absolute ceiling. As a 5 to 8 seed, we can beat pretty much anyone that is a 9 to 12. The second game, against a 1 to 4 seed, would be the challenge. Getting past THAT game would be a tall order, IMO. But...IF we WERE to get past Sweet 16, it takes a great deal of "luck", "intangibles", and a WHOLE lot of "etc." and "miscellaneous".
Come late March, it's a lot more about "momentum" and "chemistry". It also doesn't hurt if you get a few built-in perks like never leaving your region, or having officials--both on and off the court--recognize and like you.
A JBo or Joe W. can get hot and carry a team for a couple games. A duo like Garza/Cook, especially if another "big" can ramp it up, can make a team look a lot better than many expect. When the rest of the team matches that intensity and concentration, a team can go pretty deep.
Still, anything beyond the second weekend is always awesome if you are seeded anything 6 or lower. Unless I'm very wrong, this team isn't a 4- or 5-seed, at least right now. But you can't rule it out if things go our way the rest of conference season and BTT. Go 12 wins or better and make at least the semis of that, and you're potentially looking at about a 5- or 6-seed (other conferences depending, of course). A lot of "blue blood" teams get a 2- or 3-seed with 8 losses. Best case for an Iowa with 8 losses is probably 6- or 7-seed, MAYBE a 5-seed if we reach BTT Final.