Put away the red solo cups ... Dick Clark's college frat will NOT be using the TV icon's $1 million donation to throw the biggest kegger in history ... they're planning to use it to gussy themselves up instead.
The Delta Kappa Epsilon social chair at Syracuse University tells TMZ, the frat house -- which was purchased by Dick Clark for the members -- has fallen into disrepair over the years.
The chair says the mahogany woodwork and moldings are badly chipped and need refinishing ... and that's just for starters. And upkeep is really expensive.
You'd think the guys would at least be tempted to throw a Project X-style house party ... but the Deke we spoke to says, "It wouldn't mean a lot if we blew all the money on parties because no future classes be able to appreciate it." Wisdom beyond his years.
Shockingly, no room in the house is specifically dedicated to Dick Clark -- but we're told they're hoping to hang a plaque somewhere in his honor.