For what it's worth, I think the operative word in the nickname bill is "announce" or something like that, so presumably UND can solicit input, select, and design a nickname in advance of January 2015.
My bad, the law says "adopt or implement." (The word "announce" had been used in the settlement with the NCAA.) At any rate, I suppose that timing will come down to whether "adopt" means that the school cannot privately select or even begin the vetting process.