Well, its more complicated than that. It was originally supposed to be the "V" for victory sign, and then somewhere along the way they decided to relax the fingers a little bit and call it pony ears. Basically something between the TCU horned frog and a peace sign.
Houston's shocker symbol is supposed to be a cougar claw, although some do claim it looks like a UH. It could also be considered a middle finger combined with the longhorn symbol.
Rice uses jazz hands.