This is one of the new patch designs for the Miskatonic Alumni Package. It's a faux varsity letter logo using the conjectural crimson and white colors of the University. Why that instead of the oft repeated purple and black? Two reasons, aside from taste.* One, there's very little visual contrast between purple and black. Two, given that Lovecraft based Miskatonic on Brown University, and their colors are red, white, and brown, it seems appropriate to use the red and white while leaving the school its namesake color.
*Let's be honest. Purple and black is where the twee "Hurr durr...spooky...spooky!" way of thinking leads to. Down that path lies madness.