It originally was because before they added the other upper deck to neyland you could see the checkerboards from the endzone so they used to say "run to the checkerboards". At least that is a story I have been told, don't hold me too it but it seems accurate.It's built into the brick work on Ayers Hall on The Hill. So just a tribute to the history of campus I guess you could say.
You'll see it below the clock on the bell tower.
https://en.m.wikipedia.org/wiki/Ayres_Hall#/media/File:Ayres_Hall_abree.jpg
First KY copied the checkerboards, now Miss State is trying to Stripe their stadium.
2015 Davis Wade Stadium "Stripe Out" - Mississippi State University Bulldogs Official Athletic Site - HailState.com
1. Did Ky ever actually checkerboard their end zones?
2. Several teams are striping their stadiums....and remember that we got the idea to checkerboard our stadium after Oklahoma striped their stadium in our game with them last year