Do Mascots Enhance a Brand?

Yesterday I asked about the significance of college sports to universities, and whether or not they enhance a brand. That topic led me to thinking about mascots. Every college and university that I am aware of here in the US has one. Some can be tied to the academic core of the institution while others do not.

Over the past few years, I have been fortunate to work on branding projects for two universities that have mascots that relate to other aspects of the university, especially the academic community. The University of Denver Pioneers and the La Salle University Explorers, I would argue, enhance the institution brand.

Most of us have found comic relief from a few mascots in the business world like the Budweiser Frogs and the Geico Gecko. A case could probably be made that those mascots enhanced their respective brands. What are some examples of mascots that have diluted a brand? Are mascots brand champions?