Memphis has 10 wins with 4 wins against teams with .500 or better in the regular season. Win & Loss records, noted below, do account for bowl games.
Away win against Houston (42-38): Houston finished 7-5. Lost in their bowl game.
Houston's three best wins are at USF (10-2), at Arizona (7-5), at Temple (7-6)
Home win against SMU (66-45): SMU finished 7-6. Lost their bowl game.
All three of SMU's best wins came at home versus North Texas (9-5), Arkansas State (7-5), Tulane (5-7).
Home win against Navy (30-27): Navy finished 7-6. Won their bowl game.
Navy's three best wins are at FAU (11-3), home against SMU (7-6), bowl game against Virginia (6-7)
Home win against UCLA (48-45): UCLA finished 6-7. Lost their bowl game.
All three of UCLA's best wins came at home versus ASU (7-5), Oregon (7-6), Texas A&M (7-5).
Excluding SMU, Memphis never blew out their competition, if the competition was decent. The games were decided by a touchdown or less. If the game gets into a shootout ISU should (theoretically) be able keep it close, and have a chance to win it.