I liked Iowa getting points initially, but the more I look at this game the more I think Pitt wins, maybe easily. Iowa hasn't played anybody worth noting yet. Bowling Green is better than every team Iowa has played so far. Now, I think Iowa is a good team. I had them winning 9 games this year and have a play on them over the season win total, but this is a tough spot. They are a little overvalued after beating up on bad teams, and Pitt is undervalued for losing to a decent BG team. I'll say Pitt wins 23-13.
As for the question, I'd say the same thing as others. Load up as much as you can on Iowa +5, then take Pitt ML somewhere else. At the worst you might lose a little bit of juice, but that is a good middle opportunity. I'm sure you can get Pitt ML at near +100 somewhere also which would just lower your risk.