You must not be out of school very long - in business, your college is very important in terms of the collegial interactions with others in your work environment, your customers, your business entertainment of clients, etc. College sports is a big facilitator of business dealings, second only to golf, IMO.
I've been out long enough but I did journalism and now sales so perhaps I lack the experience with that sort of thing. I also try to avoid hanging with work people as much as humanly possible, so perhaps that's another problem. But I'm not talking about sports -- I'm talking academic reputation and I still maintain two points:
1. You're not getting hired in a job interview b/c you walk in and present a UVA diploma instead of Rutgers diploma. It's such a minuscule aspect of that process. Experience, internships, social-emotional makeup/demeanor/personality, who you know, how much the business wants to pay, the mood of the person making the hiring decisions ... I could go on and on. I'm in Baltimore and went to Loyola, a fairly well-respected school. But I don't think I'm getting jobs over guys who went to Towson simply b/c it doesn't have quite the same academic reputation.
2. It just seems weird to me as a guy in his 30s to think I still define some part of my self-worth by my alma mater's academic reputation. I mean, I hope they don't become a complete joke I guess, but even then I'm not sure how that would affect my life in any meaningful fashion. I mean, SU alums are going to be walking around with their chests puffed out when we're aligned with some schools that apparently have better overall academic profiles? That's odd to me.