You went 1-5 vs bowl eligible teams, and 0-3 vs top 25 teams. You would have gone 0-4 vs top 25 teams playing Iowa schedule and 2-5 vs bowl eligible teams. 7-5 vs Iowa's schedule is what you would have been.
Iowa beat 1 top 20 team, so Iowa would have gone 1-1 vs OU and Baylor. Iowa didn't lose to a team ranked outside the top 20, so Iowa goes 10-0 vs the rest of ISU scheduled. Iowa is 11-1 vs ISU schedule.
Yes if Iowa played a significantly harder schedule they'd win more and if ISU got a cupcake schedule instead of a top 8 schedule they'd win the same amount. Lol!