I'd Just Quit.

First, read this.

Look. This isn't about free speech. It's already printed; there's no way to take it back. Personally, I think it's great, hilarious in a totally "can't believe they did that" kinda way. And ultimately I think that every one is making too big a deal about this! It's a college newspaper. He's really a student editor. Isn't this all supposed to be a learning experience?

Lesson learned: newspapers are first and foremost businesses. Which means you gotta avoid pissing off the advertisers. Bad editor. Bad bad editor. No cookie.

He's also now the most famous student editor in America. I wouldn't worry about his chances after college.