The Big Ten realignment after the additions of the Pac 12 schools also brutalized the Badger program, because they made hay being the best program in the worst Big Ten division (Big Ten West) - that guaranteed them a spot in the Big 10 title game annually unless they were in a total rebuilding year.
After the divisions were eliminated, their typical conference schedule got tougher at the same time as some of these marquee out of conference matchups with blue blood programs show up on their schedule, and they don't have the NIL war chest that the biggest programs in the conference have to compete. They're back to being an afterthought on the national stage, which sucks.