There have been plenty of games played in really cold weather. No reason why they can't/wouldn't be able to do it in college other than someone high up makes that decision.

Reality is some of these players will be doing that next year or whenever if they make the NFL. Heck New England has used that to their advantage in the playoffs all the years Brady was there. They were hosting warm weather or inside teams and they would fall apart in those games in the cold.

It was mentioned here that Belichick used to practice outside in crappy weather when they had those games. Made the team get used to that weather and in turn the game wasn't that bad, and his team was ready for those conditions.