If I was to bet money I would think the admin would bring it back to campus the year we play tu.
The bonfire will be built with hired contractors because like other posters have said about liability and insurance.
Student involvement will probably be something lame. Something like a "big event" deal, except the students go plant trees to GoGreen! Instead of cutting and loading. And then probably head yell leader will get to light the bonfire.
You got to think today's student population wasn't alive when there was an on campus bonfire. Majority of them probably don't care about bonfire.
With ResLife gutting communities/cultures in dorms (tearing down Northside dorms Crocker, Moore, McInnis, and making Walton freshman only and coed) they effectively killed student bonfire.
Admin will put on a "pep rally bonfire." Current students won't care about previous bonfire traditions (not like they care about current traditions, see Sully) and old ags will just accept the "new and improved bonfire" because we always roll over and accept whatever the admin tells us to.