It's Purdue and Indiana, so it is a rivalry, but the Big Ten definitely does not agree.
If you think the Big Ten is bad with basketball scheduling when it comes to Indiana and Purdue you haven't seen what they have done with baseball. Other conferences, and even the Big Ten on occasion, have figured out how to schedule a three-game rivalry series a long time ago. Michigan and Michigan State have occasionally played a home game each with the third game coming at a neutral field, even at Comerica Park. Other times conferences make sure teams play every year, just alternating who is at home.