Just looked it up Jan 1982, officially -23 with a windchill of -59 so it has to be pretty damn cold to cancel a game.
Notwithstanding the comments about the manliness of those south of I271, there is a difference between a nationally televised NFL playoff game with paid participants and a collegiate contest played by "non-employee", amateur, student athletes.
The players will have heaters and access to layers of gear. (Remember those awesome capes football players used to wear?)
The ADs have to think about the student workers, concession workers, the band, the cheer team, etc. I don;t expect a postponement but the conversation is certainly taking place. Note this morning that the Bobcat Club tailgate is now indoors at the Fieldhouse with the student park and Tailgreat Park is closed. Those are certainly concessions to weather. Level I preparedness?