The OSU registration is for "THE" used alone, not in combination with other words, as in "The One and Only Stanford Marching Band."
THE trademark
As others have noted, "The ...(other words).." has been used and trademarked previously. In fact, OSU is not the only educational institute with a "The" obsession. I used to do business with The Scripps Research Institute and they insisted that I use the acronym TSRI on their contracts. Sure enough, they have trademarked "The Scripps Research Institute."
Scripps trademark
Per the Wall St Journal, Marc Jacobs had an earlier application for "THE" that blocked OSU's application and the two entered into a settlement that let OSU's application go forward. I was curious about how the settlement was structured, as they are usually done along business lines, as in: "You get to use the mark for cars and I get to use it for furniture." But here both presumably were interested in apparel. A clue can be found in the Goods and Services description of the OSU mark: "Clothing, namely, t-shirts, baseball caps and hats; all of the foregoing being promoted, distributed, and sold through channels customary to the field of sports and collegiate athletics." I assume Marc Jacobs gets the designer clothing side of the business. So if you sell a T-shirt with "THE" as the only wording, you could be sued by OSU or Marc Jacobs, depending on which end of the market you are trading in.