I say this because if he was swallowing the U, he'd be swallowing that other piece as well.
I agree it looks like it. It's a 2D fail, like when photographers take a picture, and there's a lone tree right behind someone's head, so it looks like it's coming out of that person's head.
I love the logo too. For me, it's nostalgia. It's the logo of my youth, when BYU won championships every year.