A funny play on the name of the school isn't the same as a play on a sexual
Act. While college kids saying it may be funny, expecting a University to enable or approve of the cheer is extremely dumb imho. No offense Ocean. I know you aren't alone in this thinking. Personally, I'm not offended by the cheer but at the same time I get why the school chooses to take the high road.
The only thing I don't get is why anyone ever cared about the lose. There is nothing stopping anyone from shouting the cheer as far as I know. Chant away if that floats your boat. I seriously doubt any cops will climb into the stands & haul you out.