That, of course, doesn't take into consideration home court and other factors. We will almost certainly be underdogs at Michigan State, at Iowa, and at Wisconsin - all teams ranked below us (right now). So, technically, we would need to pull three upsets to get to 12 wins in your scenario. That said, we could be slight favorites against Illinois at home (ranked ahead of us).
The fact of the matter is, we have a TOUGH schedule. We only get to play Penn State and Purdue once (road games). We miss Michigan and Ohio State (TOUGH home games). We play the toughest SOS in Big Ten play (according to KenPom). Take for instance Iowa (who plays the weakest SOS in the Big Ten) - they only play Michigan, Ohio State, Michigan State and Illinois once. They get to play PSU, NW, NEB, PU each twice (could be 7-8 wins right there). So, while both Iowa and Minnesota skips Michigan and Ohio State each once, Iowa gets to play PSU and Purdue twice and Illinois and MSU once. Minnesota meanwhile has to play Illinois twice and MSU twice, but skips Purdue and PSU a second time. Put another way, I think there are eight teams in the Big Ten that have legit NCAA hopes. Minnesota plays those teams 12 times. Iowa plays those teams 10 times. That alone could account for a two-game swing between the Iowa and Minnesota.