It's not a First Amendment issue because the government is not involved.
With that being said, the grounds of the lawsuit will be that the NCAA does not have the authority under the rules agreed to by the participating institutions to dictate mascot policy.
In fact, the same executive committee ruled exactly that a few years ago.
As Algore would say... "no controlling logo authority."
"I personally think they'll back down in the case of the Florida State University Seminoles and the University of Utah Utes mostly because the NCAA does NOT want to face a multimillion-dollar First Amendment rights lawsuit."
Multi-million dollar judgements be d*mned!
I humbly suggest the following:
1. The offending NCAA officials should be scalped. I am assuming the the pudgy, bureaucratic, bachelor's children have any hair left on their microcephalic crania.
2. All scalpings to occur at half time. Let's have a real show that all sports fans can appreciate.
3. No more than one scalping per college. The boost in ticket sales and TV rights should be fairly and evenly distributed.
;-)