Upon reading this article I found the response from the university officials far more "offensive" than the skit they were seeking to condemn.
“We’re still going to be proactive in student government, as far as diversity education and training,” he said. “If there are pockets out there that we don’t know about, we want to make sure this doesn’t happen again.”
Racism is bad, but using racism as an excuse to empower tyrants in waiting to be speech police is infinitely worse.
Freedom of speech is the right to tell other people what they do not want to hear. The alternative is a world in which only popular ideas are allowed to be expressed, and that my friends is a world where the tyranny of the majority ensures a stagnant society.
The only response that this skit warrants from the university is no response at all.