You've got it backwards. The idea is to expand the conference geographically so it gets more media attention in markets that currently ignore the Big Ten. ISU isn't going to generate any more revenue for the Big Ten if it joined.
Rutgers makes sense on that basis.
Iowa will continue to play Iowa State in the non con schedule.
btw; Iowa and other BT schools played Penn State in the non-con for many years. I can’t see PSU leaving the Big Ten.
The mediocre performance of the Big Ten is mostly responsible for that.