No, the FIU football team didn't get its Keys confused, West instead of Biscayne. Nor did they have a Ray Stevens flashback...
...probably because they were too young to remember Ray Stevens.
They apparently just went full monty at the wrong time after a team beach workout. I'll let this statement from FIU head football coach Ron Turner (who could be forgiven if he thinks "head" is short for "headache") tell the story that, contrary to rumor, resulted in no arrests:
"Early this morning, our football team had a workout and barbecue on Crandon Park Beach to conclude our summer conditioning program under the supervision of our strength and conditioning staff. Following the workout, some of our athletes went to rinse off at a designated public shower area and a few of them made a poor decision and changed their clothes in public.
"I want to apologize to the community and anyone who was at the beac this morning for this unfortunate incident. We are committed to helping our student-athletes grow as gentlemen while preparing them for their careers. We are looking into this incident, and if appropriate, will take disciplinary action."