1. SAS wasn't created as an undergrad project, it was a large, multi-university and government agency collaboration with Professor Goodnight, at that time a member of the faculty, one of the researchers.
2. Universities spinoff new companies all the time: this is hardly the first or last time that students and faculty at a university have used their research to start new companies. Nor is NC State particularly unique in this IP clause, and this clause hasn't stopped start ups in the past or present.
3. Goodnight was a statistician, not an engineer (different colleges).
4. Despite your implications that there's bitterness between the two, Goodnight and NC State have very strong relations and a history of collaboration; just this past year, he's got at least a million in scholarships for future statisticians at the university. There's also a lot of research funds, support and materials that flow between him and the university, the Statistics department in particular. I would go so far as to argue that the Statistics department's reputation and ranking are in part driven by the success of SAS.