As we reported last November, the UO Duck (then potentially in some hot water) was operating under license by The Walt Disney Company for his one-time likeness to Donald Duck (and initially enacted by Walt Disney himself). As the UO Duck’s look has changed over the years, it’s fair to say that short of being pantless (which has been enough for Disney alone, just ask Marvel’s Howard the Duck), there is little resemblance to Mickey’s #2.
Today we have learned via a report from The Register-Guard that in an agreement reached last week, The Walt Disney Company has agreed that the UO Duck Mascot does not resemble Donald Duck enough to require him to be portrayed in a manner as such and has released him wholly to the University of Oregon.
The agreement covers only the Mascot however. Disney will still maintain an interest in UO Duck-branded merchandising. You can refer to the cited article for further details.