Iowa is a team one play away from playing for the National Championship and they got dismantled.
Yes, but they also lucked out and did not have to play the top 4 teams in the B10 East, by far the better division. That is why you need an 8 team playoff, because the conferences are too large and they play unbalanced conference schedules which really does not prove a "true" conference champion. If Iowa was in the B10 East no way are they going undefeated.