If the boycotting students were organized they could have their own graduating ceremony with a local minister as guest speaker. They could pass out their own made up diplomas. Another option used by the left is to stand up and turn their backs on Michelle while she's speaking.
I think that’s a cool idea. If each student threw in $5, they’d have enough to get a fairly well-known speaker, perhaps even a minor, but well-known, celebrity or business person to give a decent speech.