Places that do real analysis seem to disagree that IU is about as bad of an 8-4 Big Ten team as possible. Football Outsiders has them ranked 41st according to FEI rankings, which is right there with Michigan State, Miss St, Kentucky, Tennessee. Seems about right to me. Their 4 big ten losses were against #6, #9, #13, and #25 at the time of the games. The teams they beat are bad, but it isn't like they got lucky and snuck out wins against everyone. The three better teams (Maryland, Purdue, Nebraska) were on the road. The beat NW and Rutgers handily at home.
IU beat the weaker big ten teams, but they also took Penn State to the wire on the road, and probably should have come out with a W but Big Ten officiating had other ideas. There might not be a lot of difference between Indiana and Minnesota, tbh.
That whole 2-29 stat is pretty pointless. You are basically just pointing out that the top half big ten teams don't lose that many games to the bottom half big ten teams, that the Ohio States and Michigan's don't lose to the lower teams often. Everyone already knew that.