What is the value of that logo? I'm not sure it's possible to quantify but when you add up revenue from sports, from licensing, from corporate sponsorships, etc. there is no doubt it is a HUGE number. Add in the brand equity that it carries with prospective students and you know it is worth a lot. When you slap that logo on something, you increase it's value BY A LOT.

For all that the logo is worth, it pales in comparison to the time, effort, and money that went into and continues to go into building its value. We are talking billions and billions of dollars, decades and decades of time, and the work of countless people. That is a significant investment that Tech has every right to capitalize on in every way that it can. The football team is one vehicle for this. So yes, it is an extension of the school.

This is also, by the way, one part of the argument that the players get more value from the school then they give (though by no means the only argument). Those kids get to wear that VT for four years, which entitles them to the privilege of the attention and adoration of a built in fan base, gives them access to a platform to publicize themselves and their wares. Basically, they are exploiting the brand equity that VT has built up. What is the value of that? Whatever it is, there is no question that VT owns it. They have no obligation to let anyone slap that VT on. It is theirs.