Last spring the Big Ten Conference added Nebraska, giving the league 12 teams.
So, what do you do -- change the name to the Big 12? No, because that name's already taken by another conference -- which, naturally, now has ten teams. So the Big Ten decided to keep its name -- and change everything else.
To create a new logo, they could ask some corn-fed rubes like you and your friends, but you would probably do something stupid like draw on the Big Ten's 115-year history and come up with something simple, honest, and authentic. Or you might just pay some art student a hundred bucks to make a new logo, like Nike did, and end up with some swoosh-looking thing, which no one remembers.