Wearing an advertiser's colors

A 202er submits this blog post on the Memphis hoops team's decision not to switch its team uniforms to the FedEx colors for a game.
She highlights an interesting ethical dilemma. What's the limit of corporate sponsorship and support? How far should a team go? What lines should not be crossed? For instance, the UW has an initiative to try to curb binge drinking. Does this mean its athletic teams should not accept sponsorship from Miller Brewing or Absolut? Where would you draw the lines?