I wasn't too sure what to do for the Hoosiers, so these are the options that I came up with. There was a time when they used a bison for a mascot, but it doesn't feel quite right:
The first one is a blockier, older version of the IU:
Here is the logo with the modern, thinner version:
I also tried it with the state:
And since the football team used it on their helmets, I thought the flag might look good. It makes me think a team called the Indianapolis Hoosiers with this logo in blue and gold might look good:
And finally, Ted Kluszewski in his Hoosier days: