The movie you are looking for is NOT Campus Man, but the 1986 "Back to School" staring Rodney Dangerfield as the dad who goes to college with his son and Keith Gordon as Jason the Diving son. Dangerfield too eventually does a dive in the movie, called the Triple Lindy, which is all over Youtube. Keith Gordon wears a red Speedo as the son Jason in many diving scenes in the movie.
See
http://en.wikipedia.org/wiki/Back_to_School
and
http://www.imdb.com/title/tt0090685/
This is an excellent comedy esp if you like Dangerfield at his goofyist
Sebbie