First off, the fanfare: wow! Very dramatic, coming from an opera and one of Wagner's nonetheless...really like this one and it's a very unique thing to play. I know many schools play short, rousing pieces like this right before the team runs out of the tunnel. Listen again and imagine the team coming onto the field behind the band, jumping up and down, pumped up to rush into the open. Far more original than just playing a video set to "Thunderstruck". Of course as the team comes out, the fight song is played, but this older version has a lot more to it. I always felt the arrangement the band plays now can sound pretty simplistic at times and lacking something. I, like many others, never heard the original and I must say I prefer it. It's got a lot more...well...musical features to it.
/music nerd
I say play the fanfare for the team or band entrance and switch back to the old arrangement of the fight song (and maybe add another fixture to the repertoire a la "Fly Like an Eagle"), then STICK WITH THESE CHANGES. The vast majority would notice a difference, but not to the point where the university would jeopardize the branding/identity campaign it's been selling to the students and alums. Add in the acoustic qualities of the new stadium and you've created sights and sounds that you expect from an FBS college football game.