All right people, I have a couple of Korean friends, so I asked one of them to watch the video on youtube and this is what she said:

Omg, i can't believe you just subjected me to 3 minutes of listening to that crap, that's 3 minutes I'll never get back.

well, they are singing to some guy saying how they love him and hope he doesn't see them/her as just a little sister type. They seem to be repeating the words, "i love you much" over and over.. and why not, who needs real lyrics. I don't think there's a significance to why they have an Iowa helmet. I think they were doing the whole school, cheerleading theme and picked an Iowa football helmet. Nothing in the song eludes to that particular school. Korea always does that though, they pick random schools or sports team to use as props, no telling why.