If there wasn't a code or rule being violated, then the college just censored free speech and on top of it slandered these students reputation by publicizing this situation in the way that they did, and potentially did financial harm to them.
It's a "public" university. Free speech could have been violated a right granted to every citizen no matter what they say under article 1 of the constitution.
You DO know that free speech only applies when it is the government trying to suppress it, right?
You do know that th University of Oklahoma is a public school and therefore a government agent?
There is precedent, by the way....in 1992, George Mason University suspended Sigma Chi fraternity and placed them on probation over a completely sexist and partly racist “ugly woman contest." The fraternity sued on First Ammendment grounds and the appeals court ruled "The University certainly has a substantial interest in maintaining an educational environment free of discrimination and racism. … On the other hand, a public university has many constitutionally permissible means to protect female and minority students. … The First Amendment forbids the government from ‘restrict[ing] expression because of its message [or] its ideas.”
That SAE chapter is clearly full of racist assholes. But we the contstitution provides protection for all.