This. Chill out. If people want to buy it, they will. If they don't, they won't. I am guessing you will be in the latter group. Doesn't mean you have to hate on those who might like such a t-shirt. Trust me, I have seen far more "pathetic" things on a t-shirt than this. Doesn't even qualify as being pathetic or lame, in my opinion. But that is what is great about opinions....we all get to have one.
Could they have come up with a better design and/or slogan? Perhaps. Or perhaps this is a perfectly fine design and/or slogan for 90% of regular folks and students out there. So many of you know-it-all Gopherhole rubes bitch and moan about how you think the U needs to do a better job at making more money on behalf of the athletic's department, etc. and trying new avenues of revenue generation. But whenever they something it is never good enough, or doesn't fit your exact standards. Honestly, I simply think the U can't and won't ever win with some of you on this front. So be it.
Cheers!