Oh, a good 1A lawyer could run rings around OU if that was their only move. Failing to apply the same standards to every student organization on campus could be very damaging in a case against OU. And you know that written publications from other campus orgs, plus statements made in student government meetings, plus statements by Leftist professors in Polysci class, undoubtedly contain way worse and more genuinely threatening comments about white folks, and go unrebuked by the administration.
Some of those parents have deep pockets. If they're smart, they'll sue, and make their pockets even deeper.
What needs fighting here is not the merits of a silly song on a private coach. It's the politically driven limits on speech at a state-run entity.
Why sue?
The frat boys will sit out a year, spend their days at the country club playing golf and go to Texas Tech next year.
However, they will not get on the stand to defend their right to say:
“There will never be a nigger SAE/There will never be a nigger SAE/You can hang him from a tree/But he’ll never sign with me/There will never be a nigger SAE.”