This came up at an alumni function. If the older alumnus who told me the story wasn't yanking chains, it happened as a result of a loss to Penn State back in the 60s (66 or 67). He and a friend were Kappa Sigs, bombed to the gills (nah, not in Morgantown on a football Saturday), and the friend was "so pissed I could set the couch on fire." He passed away not long after telling me the story.
And there you have it. It has since been relegated to winning games instead of losing, and only hauled out for big games (if done smartly.)