Yes, but partly it's tied to Nebraska losing its AAU status, which is mostly related to some spiteful B1G schools forcing the change. The irony is that after we left the Big 12 for the B1G, Oklahoma and Texas supported our staying in the AAU while Wisconsin and Michigan helped push us out.
Bigger than that, the B1G doesn't like adding a school like Iowa State when they already have Iowa, and Iowa is considered the flagship research university. Unless Iowa actively advocated for Iowa State to be invited, it isn't going to happen.