I would expect IU to cover that spread and likely very easily, assuming normal weather.
A note on MD as I looked a little closer when word got out that he was fired. I was of the opinion that they should stuck with him, especially this year with all the other jobs open so looked a bit closer. MD is not some traditional power and he's had them generally competitive and making bowl games. He's made and won bowl games the last 3 years, went 4-5 in B1G the last two years.
Of course, that's nothing special, but considering this is MD it is pretty good. They'd made 3 bowls in the previous 10ish years total and hadn't won above 7 games since 2010. And yea this year was gonna be worse, though still a chance at bowl but was hurt by Rut loss last week. You pointed their losses since playing us but it left out the context of only lost by 4 to WAS, 3 to Neb, 3 to UCLA. Rut was 15 pts but were down one TD with like 5 mins left. A few plays here or there and they have a fine record for MD and have been competitive/in every game other than IU (which almost no one is). IMO, you're MD and the guy has been doing fine just giving him another year or maybe ask him to change his contract to move some of his pay to NIL money to help next year.
Side note: before typing this I thought he did get fired 2-3 weeks ago but turns out they must not have followed through yet. Maybe saves money o do it later or they went through the same logic I said here and are holding off.