I'm not sure where you get this number. Also, it's not like Iowa State is losing a home game every year as you claim. They'll still be playing seven home games. Plus, they'll now have Texas or Oklahoma coming to town every season. Not to mention Iowa State's highest attended games in history are against UNI for some reason. The Iowa game being canceled just isn't a huge lose in revenue especially with the new Big 12 schedule.
20K tickets sold at 50$ above normal price= $1000000
to my knowledge the price of tickets for uni isnt $90
and Texas and Oklahoma arnt guarantied sell outs because they dont have the regional connection.