They certainly do, but I don't think either would have "delivered the Chicago market" in the sense that people used that term back in the Rutgers/Maryland expansion days. That term effectively meant, if the Big XII acquired Iowa or MSU in 2014 and there was a pretty robust Big XII Network, would all of the cable networks in the Chicago media market pay to add it to their basic package, adding a huge windfall for the network? That is why several factors went into it, ranging from a team physically located in the market but not popular there (like Georgia Tech in Atlanta) to a team with a massive alumni/fan base in the market even though it's not physically located there (Illinois in Chicago) to a team that has a decent alumni/fan base there but also has shown a high (if inconsistent) ceiling to deliver huge ratings in that market when they're good
even if current ratings suck (Rutgers in NYC).
Back then, I think only Illinois, Notre Dame and Northwestern "deliver" Chicago to any new network expanding there. A good comparison of Iowa/MSU to Chicago is Penn State to DC. While PSU has a huge alumni base in DC, it was not enough to "deliver DC" for the Big Ten without Maryland. Now with streaming services being so big, it seems it's just shifted toward total viewers, and "all viewers are created equal" is a bit more of the outlook, though I personally
still think there might be some advantage to getting your 1.2 million viewers disproportionately from a massive consumer market like Chicago vs. spread evenly ... but that's only if the team with viewers spread evenly isn't outdrawing you in the first place because their a "national draw" with a very low floor for viewers.
Anyway, after all of that incoherent rambling
... I thought I saw one time a while ago that MSU actually had the biggest Chicagoland alumni base of Big Ten teams after Illinois, but I cannot find any articles on this anymore. These were "contemporary" numbers that I could find:
220,000 (155,000 for UIUC separately)
43,826 in Illinois
and counting ALL campuses (so hard to gauge IU-Bloomington grads in the Chicago Area)
28,000 in Illinois
(so maybe 26k in Chicagoland?)
I sure do see a LOT more Michigan stuff than any school besides Illinois here, though.