My sister, who works at WBAL radio in Baltimore, called UMD about this and wrote the revised story that you can read here. Apparently, Fear the Turtle isn't going anywhere. It will definately stay as an athletic slogan and might still stay as part of the University's marketing campaign. Glad to hear this isn't going anwhere.
No, you aren't dreaming. The University of Maryland really is considering dropping their slogan of "Fear the Turtle." Via the Diamondback:
"Fear the Turtle" may have to fear for its life.
University officials are investing more than $1 million over a three-year period to come up with a fresh image for the university, possibly including a new slogan. They hope the new campaign, which they plan to unveil in the fall, will better encapsulate the character of the university.
The rest of the article tries to play it down, but it's out there - the slogan may be replaced.
This would be a terrible, terrible idea. The slogan is nationally known. It's starting to pick up some tradition. No, it isn't the greatest ever, but it's one of the better ones I've seen. Not too many schools have their slogans this well known - to throw it away would be a terrible idea. It's a little bit funny, endearing to Terp fans, nationally recognized - it's a marketing dream.
I do agree with the "fresh image" idea, as I think the University needs it (people do not equate UMD with a top public university right now, and they should), but dropping the slogan would be an awful move, particularly in athletics. Alumni and students would still incorporate it into signs and wear their old t-shirts, maybe even get a chant going, but it would lose a lot of power if official support waned.
In the end, I don't think they'd change it - all opinions in the article seem to positive for it - which is very calming.