Quick notes (or as briefly as I'm capable). Some of this overlaps with previous comments.
* A few details to nitpick (or elements I would've done differently) but they're mostly minor/secondary.
* Considering the lead-up period to the reveal, coupled with reaction to the leaked photo before I was able to view it, I was prepared for disappointment. I'm pleasantly surprised (partly "relieved," too).
* Regarding black/gray: (1) Although it includes neither of the current school colors, it'll be identifiable because the template is consistent through the entire package (at least examples we've seen). I think it works by not attempting to shoehorn cardinal or gold into a grayscale look. (We might see C/G used w/ black eventually, but that's a separate topic.)
* Black/gray (2): Uniqueness. Few FBS teams could use that as the standard uniform using actual school colors -- Army and Colorado can, those are the only ones that come to mind (correct me if I'm omitting others). For alts, Oregon obviously would do it (or probably has applied it in some form).