Two things that OSU has that Minnesota doesn't:
1) A desire to compete in sports vs. downplay sports
2) An administration willing to take steps to put something like this together. The faculty would riot.
One thing that Minnesota has that OSU doesn't:
1) an AD that is as charismatic as drying paint with no vision, plan, spine, or voice.
Other than that, we could pull this off.
We could put together a huge festival of bands (well, some of these may not be performing anymore) and try to pull some of them out of retirement. We could have a big tent with a variety of genres.
Hell, we could have days that feature musicians in their different incarnations.
Bands that we could tap into in no real particular order, and no knowledge if some of these bands/members are even still alive:
Soul Asylum
Gear Daddies
Bob Mould could Reprise Husker Du, Sugar, and do his solo stuff
Trampled by Turtles
Matt and Dan Wilson, as their solo selves, Semisonic, resurrect Trip Shakespeare for an evening.
Paul Westerberg
The Suburbs and Chan Poling's latest with John Munson and Steve Roehm, The New Standards
The Jayhawks
Son Volt
Jonny Lang
The Rank Strangers
The Revolution (even without His Purple Majesty)
Peter Himmelman
Lorie Line
The Honeydogs
Har Mar Superstar
Johnny Clueless
The Curbfeelers
Sounds of Blackness
Boiled in Lead
Barb Cohen Solo, Barb Cohen & Little Lizard Brother Sun, Sister Moon, and Farm Accident?
Arcwelder
There are more, and some of these just date me (some came from my pile of ticket stubs from back in the day), but you get the idea that this could happen. And I'm sure there are analogous bands that hit the area on the regular that I don't know about because I'm old and don't live in the Twin Cities anymore.
With Coyle at the helm, I envision more Fyre Festival than Lallapolooza, but maybe the Dinkytown collective has someone with an actual clue that could pull this off?
I left out one —the Replacements. I genuinely believe the analogy that the Replacements were like Hennipen Ave—they started around Stinson and ended in a cemetery. Could it happen? Yes. I'm not sure you can do it without Stinson, however.