It became a thing back in 2014 because of this internets exchange between @fauxpelini and Minnesota mascot Goldy Gopher.
.@FauxPelini just as long as we can turn that $5 or bits of broken chair into a trophy for next year's game
— Goldy Gopher (@GoldytheGopher) November 20, 2014
It then disappeared because things without corporate sponsors can no longer exist in our society, especially when there’s gazillions upon gazillions of dollars pouring into college sports and someone might get left out!
The chair lives again!
Now it lives on as a Chair-ity!