I knew a guy who claimed it for Millsaps College…
Duke or Emory. Davidson maybe a close third.
William and Mary. Not just because it is an excellent school, but because it is old. It is the 2nd oldest university in the U.S after Harvard.
My first thought, too.
Or maybe The U (Miami) 
Grambling?
I’ve heard it from University of Florida. I think it was even on some of their brochures and/or catalogs at some point…
Stephen Colbert’s character delivers the line, but otherwise that’s right. He says it’s further south than Duke and Vanderbilt, but he’s too ashamed to name the actual school. I think I first heard this designation applied to Emory and I didn’t realize so many other places claimed this made-up honor. And on that note- in another Simpsons episode, Lisa notes that “Anything that’s the ‘something’ of the ‘something’ isn’t really the anything of anything.”
I’m a Vanderbilt alumnus and heard this alot when I was there. Really, any of the so-called “Magnolia League” schools could make this claim though.
Antarctica State.
Vanderbilt is the first to come to my mind.
George Will once described Harvard as “the Rice of the Northeast.” I can find references to the quote, but am striking out on finding the quote itself online.
I thought of Emory.
Duke.
I grew up in a big UVA household and am now married to an Emory grad.
I still thought of Duke first.
Vandy was my first thought too.
Duke.
Vandy and Duke were the first schools that occurred to me first.
Atlanta native, and I never once thought about Emory.
Me, too.
I’ve only ever heard it about Tulane.