I wouldn't suspend him, but a punishment of some kind is on order. At the very least, a public apology.
Something like this, perhaps?
I would rephrase it a little bit-
I would like to apologize for attending The Ohio State University. I ran out on the field Saturday and started assaulting people like a jackass and was immediately ejected for my inexcusable actions. That's when I responded by making an obscene gesture for all to see. However, instead of being rightfully condemned for my behavior I've been turned into some sort of folk hero by an ignorant fan base that is known throughout the country for being an aggressive, arrogant group of jackholes. Their overwhelming support of my inexcusable actions does nothing to help me learn from my mistakes or grow as a person, it only encourages more inappropriate behavior from me and others who witnessed it. I apologize to my friends, families, and loved ones for making the regretful decision to attend this deplorable, detestable excuse of a school.