The Ouroboros is a traditional symbol in many cultures throughout history. The dragon or snake eating its own tail is representative of the circle of creation and destruction inherent to life on this planet. It befits college football in that it represents cyclical nature and the ability to recreate oneself over and over again throughout time.
Then again, maybe it's just a fat, lazy dragon who has become so complacent and self-satisfied that, rather than seeking new worlds to conquer and foes to vanquish, it has chosen to subsist with the status quo by eating the most nourishing sustenance immediately at hand: itself. The only thing funnier than this weekend's bout of SEC auto-cannibalism is that Alabama appears immune and will blindly and clumsily juggernaut its way into yet another MNC.
For the other members of the SEC, enjoy your Royal Slurm.