I don't really like the stripe addition on the white jerseys/pants (at least not in gold--maybe in green?) I think that in continuation of a theme, perhaps the portions of the stripe that come up to the chest can be beveled in such a manner to be reminiscent of the bull horns?
Regarding the tertiary logo, I think that once you get as far down the food chain as tertiary, it's almost not worth mentioning, unless it's a zephyr special series cap or something. I think that this work as a whole would lead to a stronger brand of the iconic U. If you want to utilize an SF, it may be best to bump it up the depth chart. If the SF is tertiary and as such seldom seen, people may not know what their looking at when they see it. The shield logo, on the other hand, could be relegated to tertiary status if you add one of the iconic elements to it (either reintroducing the Iconic USF wordmark, just the Iconic U, or the SF.)
Overall, I think it's quite strong work. Athletics'd do well to pick it up. I've got no (well, little) problem with the current branding, but I do believe this is a mite stronger. When's he going to get to work on the new band uniforms?