Coaches' timeouts are worse. Basketball teams should get one, full stop.
The new Michigan Today has a great slideshow from the university's first "Staff Photographer" George Robert Swain. It's a nice slice of U-M history, and worth your time - especially if you're an alumnus. The article is here: http://michigantoday.umich.edu/2013/01/slideshow/index.html#1 .
Structural and functional deficiencies notwithstanding, it would have been nice for some more of these structures to have survived. For example, a shot of the old library: