Held a Red vs White game each season, not Midnight Madness though.
Don't think that is accurate. See this from last October:
https://www.hotsr.com/news/2018/oct/11/jonesboro-freshman-fits-fastest-40-2018/. Specifically:
Midnight Madness, the team's first official practice, will be held Friday in Bud Walton Arena in Fayetteville. Gates will open at 9 p.m. and the first 15,000 fans will receive a free poster featuring Chris Walker.
Pre-practice events and games are scheduled to begin at 9 p.m. The Razorbacks will take the court at midnight.
Team members will be introduced before a scrimmage of approximately 20 minutes. The women's team will take the court after the men's practice.
Admission is a non-perishable food item for the Salvation Army of Northwest Arkansas food pantry and Cooperative Emergency Outreach. Allen Canning, of Siloam Springs, has pledged to match all canned good donated at the event.