I don't know how you can quantify academic reputation and tradition in relation to other "things." How many "thing" units is academic reputation worth? How many for athletic programs? How many for campus architecture? So, I can't answer whether academic reputation and tradition are greater than the sum of all other things about Purdue. That said, it's not particularly relevant, anyway. The poster used the word "everything," which refers to a quantity of "things." It doesn't matter if one or two of those things are more important (or however you're determining that those two things are "greater than" the sum of all other things) than the rest.
A hypothetical example: "I think most everything about your house sucks. I do like the shelter it provides, though."
These two sentences are not in contradiction. The shelter is, indeed, the most important function of a house (I think this is what you're getting at with academic reputation and tradition being "greater" than all other things regarding Purdue, though correct me if I'm wrong), but it is still only one "thing." I can dislike the location, the size, the materials, the color, the lack of a garage, that it only has one bathroom, that it's on a small lot, and many other "things" about it such that my statement that I think "most everything" sucks can still be true, despite the fact that I might think it succeeds at its primary function.
Given this, your expression above basically amounts to:
True or false, 2 > (X-2) where X is a number larger than 4 (I'm presuming we can both agree there are more than 4 total "things" about Purdue that one could like or dislike)
This expression is clearly false.
Just admit you didn't see the word "most" before you responded, Rachel.