Are there any rules (formal or otherwise) regarding hanging a banner? For example, if Michigan loses today (very hypothetically), would it be acceptable to hang a "2014 - Elite Eight" banner in Crisler? I think in general, you need to actually win something (Regular Season, B1G Tournament, NIT, NCAA Regional, National Title) to hang a banner.
It just seems to me that an Elite Eight is something that should be commemorated. I don't know if Michigan has much of a history with this. The 1977 team lost in the regional finals (don't know if it was called "Elite Eight" back then) and I don't think there's a banner for that so the precedence may already be set. I was just curious to see what the board thinks.
This comes up because I used to live near NC State and they hang a banner for EVERYTHING. In fact, they'll probably hang a "2014 NCAA 2nd Round" banner because they won the play-in game this year.