Although I have no connection to Wake, I'm a regular on the board's soccer threads, and have been since the board migrated from Scout. I just stumbled upon the ongoing footy discussions and never left. Anyway, I'm an IU grad and unlike most of my IU friends, I follow the football program very closely.
The quick summary, which others on this thread have alluded to, is that IU is very good offensively, but not at all good defensively. IU's QB, Nate Sudfeld, is a 4 star kid from California who originally committed to Arizona but decided to decommit after Arizona hired Rich Rod who had no need for pocket passers. Sudfeld followed Arizona's outgoing O-coordinator, Seth Littrell to IU. Littrell left IU after two years and is now the O-coordinator at UNC. Sudfeld is a 6'5" pocket QB, he can make all the throws, and he's accurate with the ball. He doesn't get the hype guys like Connor Cook and Christian Hackenberg get but he's a legit NFL prospect and he's been outstanding so far this season.
IU's RB is Jordan Howard, a transfer from UAB who rushed for more than 1,500 yards a year ago before that program folded. So far this year, he's leading the B1G in rushing with over 500 yards in 3 games. He's big and physical and while not a burner, he's agile enough to hit the whole fast and decisively. He's the kind of back that almost never loses yardage, but isn't really a threat to take the ball and go 70 yards for a TD.
The WRs and TEs are solid and the O-line is a real strength. It's big, physical and experienced.
The IU defense is mostly poor, particularly in the secondary where IU starts two true freshmen and plays 3 others in the rotation. The one qualifier I'll offer is that in the first game, where IU's defense gave up something like 650 yards to Southern Illinois, a solid but not great FCS team, IU had 4 of its 5 or 6 best defenders out suspended or injured. The defense Wake will face will include all of those players. Western Kentucky was able to exploit that full strength defense through the air. The question is whether Wake has a passing attack that can do the same.