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If it's always been a certain way and still attracts 300 people, then I wouldn't toy with it too much.
The collegians could give their "reports" as slide shows with music, if that's allowed -- I'm thinking most people would rather see what's happening than hear a report.
I like the vendor idea, too -- I'm sure with as many licensed Greek vendors as there are, you could easily get a few in your area to come set up tables.
Good luck!
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