The high-resolution model from the National Weather Service shows 8 to 12″ of snow by Colorado sunrise (6am MST):
The swipe from Lubbock to Wichita that shows up as snow is the model sensing hail. Yes, there could be hail overnight. Below is the forecast radar for 1am CDT:
The current (7:30pm CST) AccuWeather winterized regional radar shows thunderstorms developing in the Texas Panhandle that could cause large hail overnight as they move northeast.
The strongest storms right now are the ones just west of Amarillo.
UPDATE: 7:40PM. National Weather Service has issued a severe thunderstorm watch for large hail and damaging winds until 3am.