Just my humble opinion:
First of all, I'm sorry to hear about the death of the student. It's obviously a bad thing. It's sad that sometimes bad things happen at otherwise innocuous moments. Everyone knows this, and they weigh their options, analyze the associated risk, and make a behavior decision. People die while driving to class. People die while taking a walk. People die as a result of head trauma suffered over years of playing football. It's always bad when these things happen, but we can't stop doing everything that might end in a tragedy.
The university is going to ban the Mirror Lake jump and someone will drown in the moving waters of the Olentangy River as a result, and that will be a story about the university's lack of liability because they cancelled the tradition rather than its liability due to an overreaction to one very sad story.
Prayers for this young man and his family. God bless.