Founded on September 27, 1983, and first published on October 24, 1983, it was a self-described "conservative journal of opinion," modeled after such publications as Harvard Lampoon, The Onion and Reason Magazine.

Other co-founders included Robert Davis and the late Michael Rust, in addition to faculty adviser Paul S. Holbo.

The magazine was operated as part of the Associated Students of the University of Oregon (ASUO) and was staffed by volunteer editors and writers.

The Commentator's aim was to serve as a contrarian outlet for students resistant to the prevailing trends on campus, including opposition to the mandatory nature of the non-academic "incidental fee."

Jethro Higgins, who was part of the opposition on campus hoping to shut down The Student Insurgent, also appeared on the program.