Let me ask ya something. Could I legally use a domain name that inlcuded the school initials "LSU"? Example: "lsutalk.com"? I am wanting to create a forum for lsu fans. We have a nice one now, but I think I can do better!
"LSU" (Fighting) Tigers IS a business ... their sports program, etc. They are also an University. My guess is that there is some type of TM on either "LSU" or some type of variation ... so your domain, depending on how it's used, COULD be a potential TM issue down the road. Unsure whether they'd enforce/pursue it, though ... the actual, eventual website/content will likely dictate.
Check LSU's main page and look around for some clues, TM symbols, etc. Check their athletics page in particular.
PS. Non-commercial "Fan" sites CAN be a good defense for an UDRP, research this topic, as well.