I said Iowa is respected and not overlooked, which I believe is true. They are not considered an elite program, because they aren't.
In simply comparing this years team to Iowa State, ISU was the fair-haired kid. They had almost their entire team back from an excellent team last year. This ISU team has garnered a lot of respect. Why shouldn't they be highly ranked?
Iowa, on the other hand, has new players all over the field, with an experienced QB that has not impressed anyone, yet they were still ranked at the beginning of the season. Now they are top 5.
Big picture, Iowa's football program is "respected" nationally - that's not the same thing as a week-to-week ranking. They have been given the "contender" badge. Now they need to actually win something.