Lee joins the Bulldogs with two years of eligibility remaining.
Collins spent just one year with Mississippi State before transferring and didn't register an appearance during that time.
Wynter joins former Penn State assistant coach Adam Fisher with the Owls.
With only 110 days left before the Nittany Lions' season opener against West Virginia, Penn State announced themes for all seven of its home games on Monday.
This will mark Iowa's second White Out appearance in Beaver Stadium and its first since 2009. The game will kickoff at 8 p.m. and be broadcast on CBS.
Jalen Pickett and Seth Lundy account for two of Penn State men's basketball's five all-time NBA Combine individual invitations.