Depends on what computer ranking system you care to use. Per Sagerin, the average team rating for Iowa State is 59. In comparison, Iowa's opponents average is 44. If you like Massey, Iowa State's opponents average is 36, while Iowa clocks in at 44. Who is right? Honestly, no clue until the the teams finish their schedules...anything else at this point is pure trolling, especially given that two conferences haven't even started playing and the impact on COVID on traditional ranking is profound.
One thing for sure right now is that the two traditional powers in the Big 12 are down this year...Oklahoma State is untested but appears good; Kansas State is playing well which is no surprise given the discipline normally with KSU teams...very important this year...no surprise that ISU has an identical record playing the same league teams so far...discipline this year is vital. KU is beyond bad, and the rest fall in between.
Who knows what the BIG will deliver, especially when COVID rears it head and causes schedule cancellations and changes...to me, Iowa's discipline would normally be a plus, but this year given COVID and the early summer upheaval could lead to unexpected results no matter what the difficulty of the schedule. Throw in that many teams have had very restricted contact despite being together since June and you are going to get weird things. Who knows...maybe even Nebraska has a revival...