It's always the first Wednesday of February. And yes, they serve alcohol at the bash. That's why they moved it off campus several years ago. I think tix are $35 this year and it's at the River Center.
I used to go every year when I lived in BR. It's a a really good time if you are really into LSU or college football. (why would you be here if you weren't?) It's basically a huge gathering of fans discussing college football all day. They have guest speakers like Eddie Fuller one year. They also show all the recruits highlight videos and the team motivation videos from the season. There is a flat fee to get in that covers all the food and beer you can drink. I seriously considered taking off but it's tough getting down and back to Dallas on a weekday. Usually the coaches will come speak at the end. All in all it's a great time.