Phi Psi 500 dates back to the 70's I believe. It started as a bike race at Indiana [movie "Breaking Away"] and the "race" from bar to bar in Collegetown died out after the drinking age went to 21 in the 80's. I would be surprised if there was any connection, especially because the Phi Psi 500 was not something a lax coach would embrace.
Unless you are being sarcastic and I am being dense.