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Yes, Oreogn has years when they draw more than Iowa State, but Iowa State still fills their stadium well even when they are awful. I looked up 2008 (randomly), and Oregon averaged 59,000, and Iowa State averaged 47.000 (during an awful year). However, part of that was before Iowa State expanded their stadium to their current capacity due to demand and Oregon reduced their capacity. FWIW, I do think that fans in the stands do eventually equate to eyeballs on TV. So, I do think that expanding with a program that averages more fans per game is a positive thing. Time will tell.
Oregon never reduced their capacity. 59,000 was due to people buying standing room only tickets.