End the bad PR
You cant look at this issue with political glasses on and certainly not emotional ties to symbolism. The University is a living, changing entity that has to compete in the world around it. It IS NOT like the future taxing of my delicious sweet tea drinking tradition. IT IS a marketing issue at most, as well as the normal process of growth. I bet you anything if the students who chose to be the Rebels knew what would happen to their beloved school in the future due to that decision, we would be the Flood. End of issue today.
That said, we can come together now and make some broad decisions regarding the mascot, the Rebels, the name Ole Miss and leave behind the Public Relations nightmare that comes back again and again and will forever until we choose to move on.
I would suggest changing from the Rebels as it is solely tied to the Colonel type mascot that every High School had in the 1970's. That is way out of style. It is a dying image across the nation. And although I hate to admit it, they will soon come after us for the name Ole Miss as being the Plantation Matron.......blah, blah, blah. Best thing would be to keep the name as a term of affection, and unofficial.
Students and Alum should build the University up today and choose a new marketable image with the administration on the sidelines facilitating the discussion. Make it fast please!!!!!!!!!!!! Wish it could be painless.