Haha, that was my first question as an undergraduate.
Iptay stands for I pay ten a year. It is the nations oldest and largest booster organization. It used to mean that boosters paid 10 dollars a year to help with scholarship money/etc. and it got you into games.
It is a little different now- for students, it is 30 dollars a year to join, with the benefits being better tickets to most sporting events (All sporting events are free at Clemson; no students need to pay a dime to attend, but many pay the 30 for better seats, especially for basketball as all students sit lower bowl for football on or near the hill). I joined when I was a Freshman because for 30 bucks you get the shirt, slightly better tickets, and discounts around town (20 Percent off pizza hut= hell yes).
But yeah, I am in the Collegiate Club, but there is also a donor club which is way more money, but gets you guaranteed season tickets, and amazing tailgate locations (We tailgate all over our campus at Clemson).
From Iptay's site:
IPTAY is widely regarded as the father of athletic fundraising. The IPTAY Scholarship Fund traces its roots to the 1930s. Dr. Rupert Fike is credited with being the originator of IPTAY, but the seed that Dr. Fike needed for his now much-envied group was planted there by then Head Football Coach Jess Neely.
The most recent visible contribution they made was funding changing our stadium from this:
To this:
