Link? I'm seeing 4 in the last 15 years, which is respectable. Not Iowa good though, with 6 in the last 15 (or 5 top 10 finishes in the last 15 if you're looking at elite status), but respectable.
But I like your reasoning about teams getting up to play Okie State caliber teams (or higher, Iowa caliber teams if you will), makes a lot of sense.
https://en.wikipedia.org/wiki/Oklahoma_State_Cowboys_football
They weren't a top 25 team last year?