Outsourcing branding typically does not work well when it comes to something people have strong affinities to. If the company doesn't have ties to Purdue or really understand Purdue, it's a tough "out" to get something solid done.
And this is not something only Purdue has struggled with - I work with consultants in DC and its absurd what they get paid a load of cash to do. For example, my aunt was part of a focus group when the Pacers were bad - trying to figure out what would get people to come to games. This was when players were getting arrested, playing bad basketball, etc. Well, typically winning and in Indiana, playing a more traditional game/not street ball would get it done. Did they really need to pay a company to tell them that?