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Joe K.I really don't think this is Cornell. I have a pennant like that too, with the same style C, which is why I knew it was definetly a C, but that is really no indication of what a school would have as lettering on their uniforms. You'll find schools will have many different lettering variations on pennants, which I have found for Cornell, but that doesn't indicate much about the uniforms.
I went to Cornell. I collect Cornell. I have many many team photos for CU from that period, including several for the basketball team. As I stated earlier, and David repeated, all the CU uniforms I have seen have a different style 'C'. It's not impossible that it could be Cornell, I just haven't see anything supporting it, and I have a lot of examples to compare. I also know all the Gothic style buildings at Cornell, which there are many (Academic buildings, residence halls, and athletic facilities), but I can't match that building and its windows to any of them.
I would probably focus elsewhere as there is no indication this is Cornell, and there are over 150 US colleges that start with the letter C.
Hope this Helps. Good Luck!