You are right. We are the better program right now. We have been for a few years now and it has shown in the results of our games. It doesn't matter what conference we are in we have a better program at this moment. Heck, Gonzaga plays in the WCC (which prior to Gonzaga's runs was probably a low major conference) and I don't think there is any argument that they are one of the best 25 Programs in the country right now.
I do think Iowa State has the ability to become a better program. I also think it is possible under the current coaching staff. They need to come up with what the identity of the team and program is going to be. Once they get this worked out they can get the players that fit into that system, and you will be on your way. It is what happened to UNI. We were as low as low. Then McDermott came in and changed our programs mentality, and keeping Jacobson after McD bolted was great to keep the continuity. Iowa State just hasn't had continuity recently. You will be back don't burn Hilton to the ground just yet.
Funny, he changed our programs mentality too, to sucking. We will be back, it will take some time to recover from the disaster that McD left us in though.