Why not Rhodes College or use Grahamstown.... oh, can't do that either, the problem is the first name though its status as a university is probably in decline if one looks at the outputs from the Schools of Politics, Sociology and Journalism.
Seriously though, tens of thousands of people went through Rhodes.... their degree is from Rhodes and always will be.... they don't want, I suspect, some struggle hero or political weight as alternatives. 

Also, really, how important is it to change.... and why ask the ANC, DA or even EFF, politicians all! Rhodes was part of history not something that can be brushed out. 
A simple name, an Academic of World acclaim perhaps.... or the 'Settler University' as both Whites and Blacks etc came from elsewhere? (I say that tongue in cheek)
Grootes of course is so ultra PC that history and tradition matters little to him, along with much of a value..... and maybe to say otherwise, his job could be on the line at EWN.