In short: the answer is no. The student, according to AL.com, is a light-skinned black man named David Jackson. The photo was taken over a year ago. “It's kind of funny, but people are blowing it out of proportion a little bit,” he told AL, while the school Tweeted, “Per our policy, students were not inserted or 'Photoshopped' into the graduation photo.” Rivalries run deep in college football. It's not hard to see why War Eagle fans would want to believe the photo was 'shopped. But here, it's just not the case.
Now, if you happen upon a 2013 Tri-Delta composite with an African-American member, then, yeah: You're definitely looking at a photoshop. A sad, sad photoshop.