I think analysts like Finebaum have done a poor job of articulating what they think the rankings should be based on.
There are two criteria:
(1) Objectively, who "deserves" to be ranked the highest
(2) Subjectively, who are the 'best" teams
Subjectively, it is hard to argue against those that don't think Iowa is a top 5 or top 10 team. Finebaum talked about his discussion with someone close to Vegas who said that Iowa would be an underdog on a neutral field to every other team in the top 17. You go down the list, and it's hard to argue that we would not be an underdog against teams like Oklahoma, TCU, Florida State, or Mississippi State. Most of these lines would be close (within about 3 points), but I don't disagree that Iowa would likely be an underdog.
Objectively, however, you cannot argue against the fact that Iowa is undefeated and among undefeated P5 teams they have the 2nd most difficult schedule-to-date.
Personally I believe these rankings should rely more heavily on the objective criteria. I think there are good arguments for both sides of this debate. My problem with analysts like Finebaum is that they tout the objective criteria in one breath and then use the subjective criteria in the other.
The fact of the matter is that I don't think anyone has accurate knowledge of how good this Iowa team is. Based on scoring margin, most computer rankings that attempt to identify the "best" teams have us ranked around 15th in the country. The issue I have with these rankings are that this Iowa team is not built to blow teams out. As team centered around defense and ball control, an 8 point win is a bigger margin of victory than someone like Baylor who is centered around offense. We have only 3 victories decided by one score or less (Pitt, Wisconsin, and Indiana). We held the lead against Pitt and Indiana virtually wire-to-wire. Against Wisconsin we gained the lead in the second quarter and held it until the game ended. Admittedly, Wisconsin made a number of mistakes which helped us win despite being out-gained by Wisconsin. At the same time, we also passed up a lot of points in the first quarter when we had the ball in the redzone on numerous occasions. I am still hesitant to accept that Iowa is one of the best 10 teams in the country, but I do feel confident that this team can go toe-to-toe with virtually any team in the country.