I hate to say it but a 10-2 Iowa team is probably getting in over a 11-1 Big 12 team (not ISU).
There are going to be a TON of politics when picking the at large playoff teams. The Big Ten and SEC are going to load up the playoffs due to their power and leverage. Remember, they again chose to use a committee who can manipulate metrics to get certain teams in instead of using an unbiased BCS like computer.
Although, the way the media is trying to stack the deck, it could be 1 Big 10, Big 12, ACC, and G5 team each and 8 SEC teams. I mean... the SEC has 6 of the top 7 teams in the AP poll. Don't tell me that fix ain't already in the works.