The analogy becomes a lot more accurate if (when?) it turns out that the house where this party occurred is what’s called a “satellite house,” where the only people who live there are frat brothers - nearly every large fraternity at Penn State has satellite houses. The analogy continues to be on the mark if the party is defined as a fraternity event because, under Penn State IFC rules, any event with more than a few frat brothers in attendance is considered to be an official fraternity event. Every fraternity knows that that’s the situation.
Maybe it’ll turn out that the kid died from completely natural causes, in which case the fraternity will only get nuked because they had an underage kid at a party with alcohol post-Piazza. If the kid really die from inhalants at the frat party, though, look out.