How much time would you give yourself for a self-connect at MAD? In from US, continuing to Schengen (on IB)

Looking at CLT-MAD, MAD-EAS. Arrive 530am (potentially earlier with winds).

MAD-EAS on Iberia departs 730am. Ticket price for that leg is $40 at the moment. Almost feel like it wouldn't be a big deal to book it even if I miss it.

Alternatively it's a ~5 hour train, or the next flight up is 740pm.