I clicked on the link, and the Tribune website says it's currently 7 degrees in Chicago. Sorry, but that's too cold for a bowl game.
Quotes in the article mention the history of "cold" bowl games in places like Nashville and Birmingham, but I'm sure temps for those games were nowhere near single digits. And even the comparison to NYC isn't exact. Chicago is generally 10-15 degrees colder than NYC in winter.
College football in Chicago in November is one thing, but trying to do it in late December is a different story. Good luck with getting teams and fans from the South up there that time of year.