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I spotted this on a message board today. It is pretty funny and yes they do rip on my beloved Albert. Here are a few of my favorites.

18. University of Nebraska's Lil' Red (Big 12)

I envision Lil' Red as Big Boy's jealous, bitter younger brother, who tried to open his own chain of restaurants but failed, and is now reduced to shooting Slim Jims and children's coloring menus out of a t-shirt cannon to fans during Nebraska games.

Florida had an inflatable alligator called Ollie that was really freaky looking. I still don't know if it was a person or a robot under that inflatable outfit. It was really odd because he would sort of jerk around the field. He walked like a robot but that could also be because he had no appendages. I don't know if he is still around.

    
12. Saint Louis University's Billiken (Atlantic 10)

According to Wikipedia, a billiken is:

a charm doll created by an American art teacher and illustrator, Ms. Florence Pretz of Kansas City, Missouri, who is said to have seen the mysterious figure in a dream. In 1908 she patented the Billiken, who was elf-like with pointed ears, a mischievous smile, and a tuft a hair on his pointed head.

Thus, Saint Louis University took it upon themselves to pick a mascot that is based on some hippy art teacher's acid trip. It looks like Bat Boy.

    
4. Xavier Univerity's Blue Blob (Atlantic 10)

The Blue Blob looks like what an alcoholic single dad would craft for his son for a Halloween or school pageant costume. "Look son, it's the Cookie Monster!" No, it's not. It's the personification of a failed father.

Plenty more here http://www.drivl.com/posts/view/738

I tried Googling for the Hoosier mascot but all I found was the rock that is at the football stadium. I read that the athletic director tried to come up with a mascot but I didn't find any mention of what they came up with. Unfortunately I didn't get to any football or basketball games this year so I wasn't able to see for myself.