Being a volunteer-based organization, they're probably really busy getting permits, insurance and sponsorship lined up (in addition to going to classes, studying and partying). Registrations just trickles in and will be accepted up to race-day. You might want to contact these two guys about getting registered so you don't have to worry:

Barrett Ausman <speed_demon@umail.ucsb.edu> (805) 895-9829
Aaron Parrish <aparrish@umail.ucsb.edu> (408) 309-9050

Some info on their website: http://ucsbcycling.org/modules.php?p=ivclassic

I'm going for a ride and will stop by there to take some pictures to see what the course looks like today.