I don't know where the rumor on this got started, because I believe Bob Odenkirk (Sol on "Breaking Bad" is his most notable role, but also has been a comedy all-star for a couple of decades) wrote the skit based on his high school guidance counselor when Odenkirk was on the writing staff at Saturday Night Live.
Farley was a big-time Badger fan. I remember he was in the broadcast booth for a bit during a national broadcast of a Badger game and he was absolutely hilarious. They let him play with the telestrator and he drew up one of his high school plays.