Not to mention the expense. And, when it comes right down to it, bowl games are really just exhibitions. The outcome doesn't mean anything. There's really no reason to reschedule.
It sucks for the fans of both programs, but it just doesn't make sense to do anything about it besides say, "sorry."
A refund on the tickets would be a nice gesture. I bet the fine print on the tickets says no refunds if the event is cancelled, though. Somehow I would guess that the advertisers will get a refund for the ads that didn't air, though. I would expect that would be in their contract.