I think its silly to worry about it. Most college students really aren't aware of a said school's tradition---Nor do they probably care. Hell,a large majority of the students are probably from out of state. Just kids, man. Kids having fun.
If it's mostly just the students at a basketball game and they just celebrate with their team and they're respectful of the space of the visiting team then it's all good. If it's everybody, it had better be a monumental upset. I think Michigan was like -3 or -4 entering Friday evening and this isn't a Todd Lickliter Iowa team. But it did seem on the video to just be the kids.