THOUGHTS:
1) The old gold-gold pants were bad and you should feel bad for liking them.
2) Put names on the jerseys. The kitsch value isn't worth the practical considerations and anonymizing your student athletes is probably an active detriment to your program at the moment.
3) UA's footwear sucks but both Adidas and Nike are very good. New Balance, et al. don't do a wide enough variety of sports equipment to make a deal practical.
4) The single most important thing ND should do here is make a deal that directly benefits the student athletes. They won't do pay-for-play (which is fine) but the athletic sponsorship's value is almost entirely dependent on using the student athletes as billboards. The money in these deals is directly tied to their images and likenesses. Create a method for them to participate in these benefits. Heck, they should get all the benefits.
5) More horizontal stripes.