On more of a football note...
I find it very telling that Ole Miss fans are generally vehemently opposed to this, even when it's reasonably clear that their doing so hurts their already struggling football program. Again, that's very telling, because even at absolute most, this is just a five-word chant. And what does that tell you when an entire fan base will raise hell when asked to stop a five-word chant essentially because it will help their football program? It tells you that they aren't committed to do what it takes to win. I know it's small, and ultimately meaningless, but if you won't stop a five-word chant to win, how will you ever build the facilities, the rabid fan base, keep the talent in-state, etc.? It's simple, you won't, and Ole Miss doesn't.
And as an addendum, why not just amend the chant to, "OLE MISS will rise again!"? After all, they were once an elite national powerhouse, but haven't done anything in almost 50 years. That supports the program and the university much better, and circumvents all of the racial aspects of the current way. If nothing else, it is at least fitting.