I have to admit, this lawsuit makes me laugh. If they had free ride offers, but chose the Ivy League instead... Isn't that on them? Frankly, any D3 school could get sued the same way if they make any money off commercializing athletics (t-shirt sales, radio contracts, fundraising), which I assume most do with limited results.
But still, this smacks of choosing to buy a house under an airline flight path and then sueing about it when you could have afforded a similar house not under the flight path.