Tim is right in that the GFS is not properly handling the current cold air mass across the SGP. However, the GFS currently uses 64 sigma levels in the vertical, with about 15 of those below 800 hPa, so it may not be a matter at least of vertical resolution keeping the GFS from properly handling the cold air mass. However, the NAM is handling the current cold air mass better.
I'm also very concerned about the progression of the cold air. I see deepening pressures in SE CO ATM, but not over a huge area (I think most of the current pressure falls are associated with daytime diabatic heating). However, winds are starting to veer more across the TX/OK PH (not so much the rest of TX or OK), so we may be starting to see at least some retreat of the cold air. Despite the thinning clouds over S OK, however, I'm not seeing a response in the temperature/wind field in that region to suggest the front really is lifting. Recent runs of the RAP show quite a northwestward progression of the front starting around daybreak tomorrow, and it is currently handling the temperature field pretty well, so there may be hope yet.
Bottom line: it comes down to two factors.
1) How much the front moves
2) How much precip overspreads the area in the morning and afternoon.
The more favorable these factors are, the more likely the MDT is to be appropriate. Personally, I think the MDT classification is too optimistic. However, I understand the momentum of governmental work. Once a MDT is put into place, it's tough for anyone to take it down. I would be surprised to see the risk classification change for the first few day 1 outlooks. I certainly don't see justification for a high risk at this time.
FWIW, the SREF and NAM had been in strong agreement yesterday about the placement of the front. Today, the SREF has backed the front up towards the WWD-ICT corridor by 00Z Wednesday evening. However, the NAM remains stubborn on its solution. I highly doubt the GFS or FIM solutions will be correct.