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Iowa: It is still early to be making determinations about strength of schedule (SOS), but Iowa's Big Ten Conference schedule appears to be front-loaded (no disrespect intended for Iowa's Black Friday opponent). Iowa's first three conference games are:
at  Michigan
vs. Ohio State
at  Washington
These three games will determine whether the Hawkeyes are a contender for their first Big Ten title since 2004 when they shared it with Michigan.
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Michigan: Michigan appears to have a more difficult path to a Big Ten Conference title. Five of Michigan's nine conference opponents are ranked in the top 25. Michigan struggled with a directional Michigan non-conference team.
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I may offer opinions later. I am giving others a chance to opine first.

I should add: Currently, the Hawkeyes are first in FBS in team defense in YPG, and PPG.
Iowa has had only one Power Four opponent this year, Iowa State had only 21 scholarship players return from the 2025 roster. However, Jimmy Rogers, Iowa State's coach is no slouch. He won a national collegiate championship. He brought a lot of players in, and they seem to be performing well, and kept up with Iowa until the final 16 seconds.