Now that you mention it I really don't know. I just assumed that it is supposed to be a duck because Oregon are the Ducks.
Looks like some bizzar comicbook super hero....er....Or villan. In Oregon's defense though, it's kinda hard to make a Duck appear to be scary. At least they got rid of the Disney duck...
Hey -- I liked the Donald Duck. Heck, it was the only reason I started liking them in the first place.
That thing looks like a mutant from the X-men, not a mascot. Of course, everything at Oregon from its uniforms, etc. is in bad taste, so they wanted to make everything consistent.