There's no such thing as reverse racism. Racism has only one definition in the dictionary - either your actions are racist or they aren't. It has no polarity based on color. She is being a racist.
And yes her words are protected as free speech. Way too many woefully misinformed interest groups continually try to claim that really, really unpleasant comments towards their constituents are not protected by the first amendment. They are wrong and dumb and should take a 1a law course.
Whatever the nastiest insult you can possibly imagine to you or your people - it is protected by the first amendment. And thank God for that, because the alternative is a horrifying future dystopian movie. Or France.
But the first amendment certainly doesn't prevent private citizens or institutions from tearing her a new one in a public forum for being a nasty racist, and even worse, a Louisville fan.