There's probably at least a dozen outfits that don't take it seriously at all. There's about a dozen that somewhat take it seriously (they allow you to do stupid stuff as long as you aren't going to fall out), and there are about a dozen that actually try to place, give or take a few here and there. H-1 has won it for at least 7 years, possibly 9. They run sub 18 every year and if they lose anyone, it's no more than 2 folks. I always thought the dressing up was pretty stupid - there have been folks that have basically run it in just an adult diaper or speedo when it coincided with Aggieland Saturday.
For the most part the regiment outfits average the best time.
And Curious, you're thinking of March to the Brazos.