The Cardinals, in Rick Pitino's fourth season on the bench, took a 37-33 lead into halftime but shot just 26-percent in the second half in defeat.
"I think Iowa turned up their defense [in the second half] and we didn't get as much enjoyment out of passing the ball as we should have," Pitino said. "We were dominated on the glass in the first half and should have had a much bigger lead."
Despite shooting 60-percent in the first half, U of L's lack of rebounding in the opening period left the door open for the Hawkeyes to make their run in the second half.
"Turnovers and lack of rebounding hurt us," Pitino admitted. "But I think they were the better basketball team. We're going to be a good basketball team, there's no doubt in my mind, but it's going to take time."
Iowa will face Texas in the second round tomorrow, while Louisville will take on Chaminade, who lost to the Longhorns 84-62.
"Chaminade is a good basketball team," Pitino said. "Our goal right now is to leave here three and one."