Though people will spin it that way, this really doesn't have much to do with the Chief. This is about branding. It's about having a figure that can attend media events, and that kids can take pictures with. It's something that can be in commercials when Capitol One does its whole mascot thing.
I'll give you an example. I'm in Chicago and am running the B1G 10K in August. I went to the website to sign up and noticed this image:
No Illinois representation there (except maybe one cheerleader in the far right?). What would we currently put in this picture? Cheerleaders and...... more cheerleaders?
Personally, I'm with Dom above. I think the mascot should be a WWI soldier. It's something that already has a deep connection to the university and something that won't be scoffed at by long time fans who are now very skeptical (see the last 40 or so posts). Something along these lines:
My only concern with the soldier is that it won't be quite as warm and cuddly as the other mascots. Pretty tough to make a soldier cute without it becoming pretty farcical.
Another option I think would be something along the Flying Illini theme. Some sort of hawk or something. I'm less into that idea, but it would probably be easier to create a fuzzy mascot from that.
Generally, I'm on board with this because it's something that will help our marketing and give the kids (who don't have any connection to the Chief) something to get excited about. Does it do much for me personally? No.