It's a clever allegory by Pizzo
The sheer poverty of the artists' garret, the bone chilling cold.... it all refers to the seeming hopelessness of IU basketball.
"That gentle perfume of a flower! But the flowers that I make....Ah me! they have no fragrance!"
This is clearly a reference to the false promises and failure to deliver real "flowers" by the dreaded Crean.
But Mimi sings of hope, heaven, and looking forward to the coming "Spring thaw", a veiled reference to the anointed child, Brad Stevens.