I like VandalSquirrel's suggestion. You could do: "AEPi: UNIVERSITY's Chosen People".
The problem with the "Bigger, Longer and...CUT" example is that even though its funny and clever if your fraternity isn't the athletic "big man on campus" fraternity it will likely come off as awkward. I think the Chosen People idea will be witty to everybody no matter what type of fraternity you are.
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