Say the NCAA's lawyers showed up tomorrow and said:
"Here's the settlement agreement. It says, ..."If UND does not adopt a new nickname and logo, ..., then UND will be returned to the list of institutions subject to the Policy" and we've been very forgiving on timelines until now. We're done. Show us your new, NEW, new since this settlement was signed, nickname and logo. Can't? You have no nickname you say? No ain't new. Welcome back to the list."
That'd be their interpretation of the agreement. They'd be within their rights to do that. The only recourse for UND would be to return to the courts claiming "no nickname = new nickname".
So, ask yourself:
Would UND win in court?
Would it be worth the court fight in terms of dollars?
Would it be worth the fight in terms of the negative media*?
*The media would "harsh on" UND for tacitly allowing the old name to live on.