The Mercury Banquets were established as part of the game. The class that won the possession of Mercury at the end of the year held an extravagant banquet celebrating its victory. Each banquet was either labeled as the first or second Mercury banquet based on whether it was the first time the class had captured Mercury or the second. The rivalry only existed between the freshman and sophomore classes, and if the statue was in possession of the sophomore class at the end of the year, the sophomores would bestow Mercury upon the next year's incoming class of freshmen, and they would have the advantage going into their first year.
The Mercury Banquets included an extensive dinner, toasts and speeches about the Colgate experience, and poems about the rival classes, the faculty, women, and the god Mercury himself. The banquet was the culmination of the year's work of hiding and protecting the statue, and the celebration matched that effort with extravagance.