If by “fare well” you mean compete for 5th-12th place, that’s fair.
I’m not much for discussing fantasy worlds, but although Iowa wouldn’t be an overwhelming favorite in the Big 12, it doesn’t make sense that their winning it would be a joke; there are zero high-quality teams in that conference and as I type this there are 9 teams still alive that could win it, none having clearly superior teams compared to Iowa.
Again, making stuff up is fun, but these arguments are both based on preexisting bias. I doubt any team could get through a typical SEC schedule unscathed, but your “three losses” statement is a bigger joke than anything you’re accusing others of.