I think BYU is doing that right now by bringing back the royal blue once a year. They are also mixing in white and black as well. I understand the tradition, I grew up with it, but there is no reason you can't have something for everybody.
IMHO, what they really need to work on is better product offerings within all the color schemes. Their royal blue stuff has not been the best until the past couple of years. It is getting better though. I would like to see them step up their black and white gear and continue to make good Cougar Blue pieces available as well.