It's mostly due to people confusing who said what in a long thread and wanting certain things to be true, on both sides. I don't think anyone, including those leading the SEC and B10, know exactly what will happen 3-5 years from now. They have some firm ideas, I think.
What leaders of Big 10 and SEC have hinted they want
What follows is now strictly my opinion. I do think the SEC and B10 both want to go to 20+ teams, which would give them the most say in the new playoff system and whatever governance structure is created for college FB. Other conferences still likely exist, but aren't treated as equals in either the playoff structure or the revenue. SEC and B10 will advocate for a larger playoff (16 or 24 teams would be great), but will want no automatic bids to anyone, including their own leagues. They don't want a 9-3 team from whatever is left of the Pac-12 getting in over a 8-4 or 9-3 team from the B10 or SEC.
- College football (at least at the highest levels) to be governed by some new body, not the NCAA. Gene Smith, the AD at OSU, has said as much. Compliance today with the NCAA is a joke, with some silly rules that no one enforces. I don't know that whatever new organization is created will be any better, but it's headed that way for football.
- Expanded playoffs. It looked like we were headed this way last year, until the SEC brought in Oklahoma and Texas. The Alliance was formed to basically block any new negotiation of the FB playoff deal with ESPN. Turns out B10 was just buying time until it was in a better position to be more on the level of the SEC.
- Maximizing media rights. There is a reason the B10 hasn't yet signed its media rights. Things got more lucrative by adding UCLA and USC.
Notre Dame will attempt to remain an independent. If up solely to the B10 or SEC, they would leverage ND to join a league. But ND is a huge draw, perhaps the biggest, to the media rights holders. "Just agree to not play ND if you are in the B10 or SEC," some say. I doubt USC would have agreed to join the B10 only to not play the Domers.
What does it mean for Iowa-ISU? I have no idea. If B10 is at 20+ teams and they go to 10 conference games in a 12-game season, then the series could be in doubt. Kim Reynolds has made rumblings that the game has to be played, and if Iowa moved to not renew after 2025 I'm sure Whitver or other legislators may try to do something. Would legislation succeed? Is it constitutional for a state legislature to dictate that two regent schools HAVE to play? I have no idea. I like the series, it's good for the state.
The Gazette indicated a few years ago that the B1G could suspend Iowa for lack of institutional control if this game was ever mandated by legislation. I have no idea if that’s true, but I could understand it.
I could also see Iowa’s government biting off their nose to spite it’s face and legislating this game even if that means suspension from the B1G.
From 2014