Of course it's serious.
OSU wasn't good last year and Wisco isn't good this year. They look like bears on paper based on perception but it simply wasn't the case. PSU was in a shambles last year while pretty good this year. The non-con the last two years was weak with 7 out of 8 teams being bad. The division? Iowa and Minn are terrible. NW is mediocre both years. Mich was obviously good both years. MSU was terrible this year and good last year.
Everyone panicked last year when the "cross divisional" deal showed Wisco, PSU and OSU but it just didn't end up being the meat grinder that people feared.
According to the NCAA, we played the #9 schedule in 2011, and the #12 schedule to-date this year... still don't think that's tough?