The next step would be to filter outbound traffic to block SMTP from compromised PCs. It seems they have an outbound firewall, but it's not obvious which ports are closed because the list of blocked ports is ... blocked[1].
[0] http://blogs.oucs.ox.ac.uk/adamweblearn/2011/12/weblearn-una...
Calls for Papers / Articles is the classic reason. The IEEE and the ACM might have proper mailing lists for that sort of business ... most academic fields do not.
Edit: I think they could lower the rate more and push mailing lists, but on the other hand a lot of users simply wouldn't notice that they're rate limited. Which could lead to entirely different brand of lulz.
You're a lecturer with 200 people in your class. That's 2 days. Does the lecturer have to leave their computer all the time? Is their email programme going to handle this sort of delay? What do you do if the lecturer wants to send an email about updated homework due in a few days? Some students will have a 2 day head start, is that fair? Do you have to give them extra time/marks?
You're the first year faculty advisor. There are 1,000 people in that year. That's 1 week. Same questions as above.
(And in case you think "Well let the lecturers send more", what makes you think the lecturers aren't the problem in the first place?)