Uhboy. The UC logo folks must have a giant and collective migrane right now.
I can't say I liked it or "got it," especially the disappearing "C". Now that it's been dubbed a flushing toilet, I'm unlikely to see it as anything else.
Perpetually loading computer icon? Can you hear me grinding my teeth?
Bottom line, logo changes are perilous, especially when there are so many smart, vocal, social-media using stakeholders--234,464 of them. I'm surprised there wasn't more student engagement in the design process. Maybe there was- if so, that's the first message I would have sent when unvieling the new look.