Urbclone, you are (for some reason) thinking of the person that the Big Ten schools call a "drum major". What that conference's bands do is completely different from everybody else. The drum major in the Big Ten is basically just another featured twirler, using a mace; they don't direct the band. A faculty member is the actual conductor of the ensemble, both on the field and in the stands. Many Big 10 programs also have graduate students in music education or conducting serve as assistant conductors. Undergrads are basically never in a conducting position.
The Big 12 (and, for the most part, everyone else) have student drum majors who actually conduct the shows on the field and in the stands. They typically are undergrads (or also grad students, in a few places) and have a significant amount of responsibility in leading the ensemble. Iowa State has three undergraduate drum majors every year.
Additionally, Ohio State's stupid "dotting the i" tradition is done by a sousaphone, not by their "drum major".