You honestly think a 1 loss Big Ten team, after having beaten PSU and an undefeated OSU/CFP hopeful in the championship game, gets left out? I beg to differ.
I think chances are a 1 loss Big10 champ Iowa team would get in. However, I see some scenerios where that might not happen. For instance, they might take a 1 loss Oklahoma, 1 loss LSU, 1 loss Georgia etc over us.