Both teams said they'll work with the Big Ten to "identify rescheduling options" for later in the season.
The conference announced Tuesday that the annual tournament, originally slated to be played at the United Center in Chicago, will be held at Lucas Oil Stadium in Indianapolis.
The 44-game season will start with a series of doubleheaders beginning on February 26.
Kenpom.com has Penn State's strength of schedule at +19.53, the highest score since the ranking began during the 2001-02 season.
The match was postponed due to COVID-19 concerns within the Hawkeyes' program.
Penn State joins a number of Big Ten foes in this week's poll, including Wisconsin (No. 1), Nebraska (No. 4), and Minnesota (No. 5).