I have no idea as to whether IU will kick Wake's ass but I can say that the 14 win stat is a little misleading. Wilson's win total improved in his 2nd and 3rd years after a winless first season, and only fell off last year due to injury. IU last year, when healthy, was good enough to win at Mizzou. It was far from a great team but it was a team headed to winning season until starting QB Nate Sudfeld was lost for the year. The true freshman that replaced him struggled to throw for more than 30 yards a game. And even without a passing game, IU led OSU in the Horseshoe late in the 3rd quarter in November.
As an IU fan, I've learned never to expect anything, but with Sudfeld back and healthy, and experienced starters returning all over the field, IU should be a decent team.