Logically, OP has a point. Other schools are able to schedule 3 creampuffs and have more home games due to not having an ongoing inter-conference rivalry.
However, the likelihood of the situation changing is minimal. Its the biggest drawing game of the year for both teams, and the biggest sporting event in the state of Iowa.
I would have been fine with a compromise solution that went home-off-away-off as well.
As far as the 'teams everywhere are going to have to play 10 p5 games soon'.. ok, but that still brings up another point.. thats other games we could be playing in that might add some variety. Maybe get Minnesota or Nebraska in there. Right now our schedule is pretty much identical every year- UNI, Iowa, the big 12, and some team from the MAC\CUSA\MWC\Sun Belt