Oxaliplatin, Leucovorin, and Fluorouracil With or Without Bevacizumab in Treating Patients Who Have Undergone Surgery for Stage II Colon Cancer

Inclusion Criteria:

* STEP 1: INITIAL REGISTRATION
* The distal extent of the tumor must be \>= 12 cm from the anal verge on endoscopy; if this distance was not confirmed on endoscopy pre-operatively, then the distal extent of the tumor must be \>= 12 cm from the anal verge as determined by surgical examination; colonoscopy should be performed postoperatively for those unable to have a preoperative colonoscopy to guarantee there are no synchronous lesions
* Patients must have paraffin-embedded tumor specimen available for evaluation of microsatellite instability and loss of heterozygosity at 18q, to determine high risk versus low risk

  * High-risk patients will be randomized to treatment Arms A or B
  * Low-risk patients will be registered to Arm C for observation

    * NOTE: Every effort should be made to submit blocks (tumor and normal mucosa) to the Principal Coordinates Analysis (PCO) immediately; blocks CANNOT be accepted after day 50 (post surgery) in order to allow for molecular assessment
    * Specific laboratory requirements for Step 2 must be obtained within 2 weeks prior to Step 2 randomization
* Patients must not have synchronous tumors
* Patients must not have appendiceal tumors
* Patients must not have a history of inflammatory bowel disease (IBD)
* Patients with hereditary non-polyposis colorectal cancer (HNPCC) are eligible
* Patients must have no history of isolated, distant, or non-contiguous intra-abdominal metastases, even if restricted
* Patients must have histologically confirmed adenocarcinoma of the colon that meets the criteria below:

  * Stage II adenocarcinoma (pT3/pT4a/pT4b pN0 M0 according to the definitions of the American Joint Committee on Cancer, 7th Edition, 2010): the tumor invades through the muscularis propria into pericolic tissues (pT3), penetrates to the surface of the visceral peritoneum (pT4a), or directly invades other organs or structures (pT4b); patients with mesenteric tumor deposits or satellites without identifiable residual lymph node in the absence of lymph node involvement are now designated pN1c, rather than pT3; patients with such tumor deposits are not eligible for E5202; patients must have had a complete resection (R0 resection)
* Patients must have \>= 8 lymph nodes evaluated and reported
* Patients must not have presented with clinical complete obstruction or perforation of the bowel
* Patients must not have had any systemic or radiation therapy initiated for this malignancy
* Patients must not have a previous or concurrent malignancy; exceptions are made for patients who meet any of the following conditions:

  * Non-melanoma skin cancer, in situ cervical cancer, or breast cancer in situ
  * Prior malignancy completely excised or removed and patient has been continuously disease free for \> 5 years
  * Patients with completely excised or removed breast cancer and disease free \> 5 years, regardless of the continuation of hormonal therapy
  * Patients with previous radiation therapy (RT) to the pelvic region will be ineligible
* Patients must be ≥ 18 years old
* Patients must have Eastern Cooperative Oncology Group (ECOG) performance status of 0-2
* STEP 2: RANDOMIZATION (HIGH RISK PATIENTS - ARMS A AND B ONLY)
* Within 2 weeks prior to randomization, postoperative absolute granulocyte count (AGC) must be \>= 1500/mm\^3 (or \< 1500/mm\^3, if in the opinion of the investigator, this represents an ethnic or racial variation of normal)
* Within 2 weeks prior to randomization, the postoperative platelet count must be \>= 100,000/mm\^3
* Within 2 weeks prior to randomization, there must be postoperative evidence of adequate hepatic function; bilirubin must be =\< upper limit of normal (ULN) unless the patient has a chronic grade 1 bilirubin elevation due to Gilbert's disease or similar syndrome due to slow conjugation of bilirubin
* Within 2 weeks prior to randomization, there must be postoperative evidence of adequate hepatic function; alkaline phosphatase must be \< 2.5 x ULN
* Within 2 weeks prior to randomization, there must be postoperative evidence of adequate hepatic function; aspartate transaminase (AST) must be \< 1.5 x ULN
* Within 2 weeks prior to randomization, there must be postoperative evidence of adequate renal function; serum creatinine =\< 1.5 x ULN
* Within 2 weeks prior to randomization, there must be postoperative evidence of adequate renal function; urine protein/creatinine (UPC) ratio of \< 1.0; patients with a UPC ratio \>= 1.0 must undergo a 24-hour urine collection, which must be an adequate collection and must demonstrate \< 1 gm of protein in order to participate
* Patients with any significant bleeding that is not related to the primary colon tumor within 6 months prior to study entry are not eligible
* Patients with gastroduodenal ulcer(s) determined to be active by endoscopy are not eligible
* Patients with a history of hypertension must measure \< 150/90 mmHg and be on a stable regimen of anti-hypertensive therapy
* Patients must not have a serious or non-healing wound, skin ulcers or bone fracture
* Patients experiencing clinically significant peripheral neuropathy at the time of step 2 randomization (defined in the National Cancer Institute \[NCI\] Common Terminology Criteria for Adverse Events version 4.0 \[CTCAE 4.0\] as grade 2 or greater neurosensory or neuromotor toxicity) are not eligible
* Patients must not have had invasive procedures, defined as follows:

  * Major surgical procedure, open biopsy or significant traumatic injury within 28 days prior to randomization
  * Core biopsy or other minor procedure, excluding placement of a vascular access device, within 7 days prior to randomization
  * Or anticipate the need for major surgical procedure(s) during the course of the study
* Patients must begin adjuvant treatment no less than 28 days and no more than 60 days from surgery
* Eligible patients of reproductive potential (both sexes) must agree to use an accepted and effective method of contraceptive during study therapy and for at least 3 months after the completion of bevacizumab; women must not be pregnant or breast-feeding because the study drugs administered may cause harm to an unborn fetus or breastfeeding child; all females of childbearing potential must have a serum pregnancy test to rule out pregnancy within 2 weeks prior to step 2 randomization
* Patients with prothrombin time (PT) (international normalized ratio \[INR\]) \> 1.5 are not eligible, unless the patient is on full-dose anticoagulants; if so, the following criteria must be met for enrollment:

  * The subject must have an in-range INR (usually between 2 and 3) on a stable dose of warfarin or on a stable dose of low molecular weight heparin
  * The subject must not have active bleeding or a pathological condition that is associated with a high risk of bleeding
* Patients with non-malignant systemic disease (cardiovascular, renal, hepatic, etc.) that would preclude any of the study therapy drugs are not eligible; specifically excluded are the following conditions:

  * New York Heart Association (NYHA) class III or IV congestive heart failure
  * Current symptomatic arrhythmia
  * Any non-malignant systemic disease
* Patients with a history of transient ischemic attack (TIA) or cerebrovascular accident (CVA) are not eligible
* Patients with a history of the following within twelve months of study entry are not eligible:

  * Arterial thromboembolic events
  * Unstable angina
  * Myocardial infarction
* Patients with symptomatic peripheral vascular disease are not eligible
* Patients with psychiatric or addictive disorders or other conditions that, in the opinion of the investigator, would preclude them from meeting the study requirements are not eligible
* Patients must not have a known allergy to platinum compounds
* STEP 2: REGISTRATION (LOW-RISK PATIENTS - ARM C)
* Patients determined to be low risk are eligible