The recent revelations of emails and texts among the Fox News Channel hosts should make clear that it's all about the Benjamins. The university does not want to lose donations or tuition on account of its name. The rest is eyewash.
I'm not so sure Smith has no legal case. There may well have been a contract. The Carey family (of W.P. Carey, Inc.) has been buying up law schools of late. The one at the University of Maryland is named for one family member, and what used to be Penn Law (now Penn Carey Law) for another. BIG gifts came with those name changes, and I can't imagine that there is no contractual obligation of duration, if not perpetuity. That Williams, Sr., owned slaves cannot have been new information; that it matters is just a new political reality.
Maybe Mark Antony was right. Wokeness requires that the evil men do live after them and that their good be interred with their bones. How else can something like the shaming and shameful 1619 Project be explained?