One of the professors at my commencement was wearing regalia that must have come from Shakespearean England. All a burgundy red, instead of a full robe he had a cape and something like knickers and a top that matched and the hat was even crazier:
Imagine a platter with a big thing of padding in the middle. Cover it with burgundy red felt/velvet and tie a gold cord at the base of the padding so that it stands up and has some shape.
No tassel, just the gold cord....
If anyone knows what/where/when (he was old) you get your degree to dress like this.. let me know!