If Arizona wins out then this is accurate. However, it's not accurate if Arizona loses one and there's a 3-way tie. In that situation, because not all the teams played each other, the head-to-head tiebreak step is ignored unless one of the three teams swept the other two. That didn't happen here.
big12sports.com
It moves on to other steps, where the exact placement depends on which team beat Arizona and how other teams did in games not involving these three teams. You can run those scenarios here:
Big 12 Conference Football Standings with Tiebreakers
bball.notnothing.net
There are definitely cases where ISU is #3, but not all of them.