It took until Friday at noon for the IHSAA to join most other organizations in postponing events, but the announcement came that the 2020 boys basketball tournament will be postponed.
As of Thursday, the plan was to play the regionals this weekend with limited spectators. There are states like Iowa currently playing under these conditions. It sounds like most Indiana schools canceling in-person class starting Monday pushed the IHSAA to postpone the tournament.
The current wording is postponement. It seems likely that it will be canceled in the near future as most organizations aren't thinking about holding events for the next month at a minimum.
The IHSAA boys' basketball tournament began in 1911 and has never been canceled.