Translation: We're better than Iowa, they're just lucky they were in the B1G.
What's going to happen? No more conferences? A super conference of the top 16 teams? If so, who's in it? Outside of Bama, Georgia, tOSU, teams bounce up and down in the standings quite a bit. Does every school negotiate a separate TV deal? That would be a cluster of epic proportions and nearly impossible to execute. Uneven revenue distribution within conferences (see the old big12)?
You have to have teams to play against and consistent viewership and conferences supply just that. I could see shaving off the lower end (Northwestern is a good example and that's kind of what just happened to Washington State and Oregon State) but some sort of competitive groups need to exist.
Thinking locally, if Iowa wouldn't make the cut on a shift like this... the whole thing gets blown up. Iowa is the perfect example of a second tier program that is big and successful enough to sustain itself and be competitive. Programs like Wisconsin, South Carolina, Arizona, Virginia, Okie State, Arkansas and Iowa...wouldn't just go away.