Oh I know it's all driven by the amount of money they would be giving up, and that was more or less my point. Iowa doesn't need to give up a home game if they schedule a home and home correctly, or even more than one if they schedule a neutral site game that can bring in close to the same amount of money. They should be able to schedule an additional home and home P5 series to coincide with the Iowa St. series if they really wanted.
Other teams survive doing it. Florida St. has Ole Miss at a neutral site and Florida at home this year. Clemson is @ Auburn and home vs. South Carolina. Oklahoma is going to Houston and home vs. OSU. USC has a neutral site game with Bama and a home game with ND. Oregon is hosting Virginia and going to Nebraska. Sparty is going to ND and hosting BYU.
How is it that only Iowa has the problem of "needing" that 7th home game every single year and it's such a hassle to keep Iowa St. and schedule another P5 game? I couldn't care less about playing Iowa St. every year, but anyone saying that we have to give them up to play a neutral site game for even one year or *gasp* schedule another home and home logically doesn't make any sense.
That comes down to the 9 game conference schedule. You have to be very creative to juggle P5 home and away series like some of your examples above. MSU is a good test case. They have ND and BYU as you stated. They have 7 home games this year because they start the 9 game rotation with 5 home and 4 away, and have BYU at home, plus a cupcake. But when do they go to visit BYU? It's not in 2017 when they'll have 5 conference away games. It's in 2020, when they are again at 5 conference home games. If you stagger your away games with non-con P5s so you
only travel in your 5 home game years (even number years for MSU, odd for Iowa), then you can schedule two at once, but
only on those years. This means you can set yourself a challenging slate (including a P5 home and P5 away) every other year. The opposite year (4 home, 5 away in conference), you can either schedule your home date with the P5 opponent that you'll return in 2 or 4 years, or you schedule 3 cupcakes.
Where that breaks down for us is that we are locked into the ISU series
every year. We aren't going to be able to play them every other season for at least the foreseeable future. Since our schedule is this way with a guaranteed additional road game every odd year, that strips us of our ability to schedule another P5 road opponent while still keeping 7 games.
The only team above that is giving up the 7th home game is USC. They have 9 conference games, an annual Notre Dame game, an upcoming neutral site, and a home and away scheduled with Texas. I don't see that they are likely to have 7 home games any time soon. So there you have it: one major college team that chooses not to have 7 home games.
Could we follow suit? Probably, yes, but are we going to be able to schedule such high-profile opponents as USC to make up for the lost revenue? Not any time soon.