Re the update:
Nice work!
As said in the chat, I did like the penguin from the initial sketch, but I can understand the reasons for not using it after all.
The title is bound to draw some flak (Along the lines of "Not serious enough" etc.) but I find it absolutely worth defending.
The only thing I think might need some tweaking is the relationship between the mascots and the title. The choice of elements is 100% perfect but the composition feels a bit noisy if watched from a distance. The mascots are interfering with the title's legibility a bit too much IMO. Maybe - I'm not sure - the mascots need to be a bit larger; otherwise, maybe move the three mascots on the right-hand side just a tiny bit away from their respective letters?
I'm 100% happy with everything else.