The cans, which come in 27 different color combinations, don't bear any team's name or logo, but college administrators contend the promotion will contribute to underage and binge drinking and give the impression that the colleges are endorsing the product.
The purple and gold can pictured above right is being sold near the campus of Louisiana State.
Rich Parizek, manager of Campustown Liquor near the Iowa State campus, told the Des Moines Register that the custom cans have been "selling like hotcakes. It was a great idea."
Anheuser-Busch officials say the campaign is aimed only at fans who can drink legally and that it will drop the campaign near any college that makes a formal complaint.
Anheuser-Busch's promotion also includes the launch of a website where fans can vote on their favorite can.
Sales of Bud Light, the top-selling beer in the U.S., are on track to register the first annual decline in the 27-year history of the product.