Bad press for the Band-Uh! Unfortunately, the way this went down everyone is kind of at the mercy of the university. I can tell you for certain there are a lot of alumni who want to fight against this, but lawyers/law students within the group seem to believe that the university learned from it's attempt to do this in 92 and that they way they have written things really limit any case to be held against them. There is plenty of talk about protests and pulling donations though. I don't know anything for certain that's going on in the student band, but I've heard grumblings that there is a good population there that are very upset with this outcome.
Ultimately, the university didn't really give much of a chance for the alumni to rebuttal. Their method of research was interviewing 23 students (over summer) about their experiences. While I don't know who was involved in this process I have to believe that a majority of those 23 were the ones who were being vocal against the band as they would be more likely to stay over summer to participate in these interviews.
Shitty situation all around.