Iowa finds itself in an odd situation. NW is currently on most analysts "last 4 in" bubble. With a loss on Saturday to Iowa that very well may translate into "last 4 out". Iowa's NCAA chances are almost non-existent barring some miracle run in the B10 tourney, that said their NIT chances are very much alive.
The NIT is certain to take at least 1 B10 team. Who they take depends somewhat on who makes the NCAA tournament. The B10 currently sits with 6 teams in the dance. By all accounts Ohio State, MSU, Michigan, Indiana, Purdue, and Wisky have already done enough to make the field. If NW makes the NCAA field that would make Iowa a very attractive choice.
Illinois is currently sitting at 17-12 (6-10) but staring at 17-14 (6-12) directly in the face as they wrap up the season playing at home against Michigan and on the road in Madison. If they manage to win the next two they certainly get the bid ahead of Iowa. If they loose both it's hard to see them jumping over Iowa for the bid.
Minnesota is flat out of the picture at this point. Losers of 7 of their last 8, and the best they can finish is 18-13 (6-12). I just can't see the Gophers making a compelling case to leapfrog an Iowa team that will finish no worse than a tie for 6th in the B10.
So now we end up staring directly at NW and Iowa. Iowa has some big wins (much better wins than NW has) on their resume, but their weak non-conference schedule and their corresponding weak RPI make it tough to imagine they get a NIT bid over NW provided the Cats don't make their first ever NCAA tournament.
What this all boils down to is Iowa might be better off losing to NW on Saturday as NW making the NCAA tournament can only be viewed as a good thing for Iowa's NIT chances. The big question might be did Iowa do enough in the conference season, and is the B10 strong enough to merit two B10 teams in the NIT if NW doesn't make it? We might not know the answer to that until Selection Sunday and we see the results of all the one bid league's conference tournaments.