I don't think there is any way that Lipsey wins the POY. It would be pretty rare they award it to a player who isn't a pretty high volume scorer. Lipsey does a lot but only scoring ~10 a game probably gives him a near zero chance.
A few thoughts there:
1.) Lipsey was the only Cyclone who was preseason 1st team all Big 12. Has some built up credit if you will.
2.) There is still a ton of conference season left. The Iowa State, Houston, Kansas matchups will be big. Which players have huge games in those contests?
3.) Jamal Shead won it in a landslide last year at 12.9 ppg.
4.) Lipsey is an ELITE defender and intangibles guy. Stuff that doesn't show up on stat sheet (see Jamal Shead).
5.) As of now, there is not really any clear and obvious leader/s in the clubhouse. Pretty wide open race between top 7 or 8 guys.