Yes. For all the talk of it not being geographical, throw up a map of the states (as miami did in a previous thread) and it's pretty strikingly not randomly distributed across the map. Ah, here's a map, from HI. Non geographic split? C'mon, Big Ten guys...did you even look at the map first?!
Nope. Not geographical at all. No logical North/South OR East/West split there.
You can call it North/South, or Northwest/Southeast, or a number of other semi-geographical (but not cardinal direction) names that have come up. Aside from one outlier, all the blue dots are in one group and all the red dots are in another group. There isn't much of a jumble and no reason IMO not to call it North/South. Leaders and Legends are great slogans, though. Same applies to a lot of other suggestions; I just think it's hard to practically use 'creative' division names such as catchphrases, motivational words, or homages to people/ideas. There is just no natural split there.
On another note, while I dig the new Big 10 logo a lot, here's an alternative that looks pretty sweet: