I noticed last night that I managed to squeak in 200 reputation by about 7:30 EST, beating the 8 PM cut-off time for the new day. My profile for yesterday shows "200" reputation listed.
Either the system is taking almost 12 hours to hand out Mortarboard badges, I didn't truly hit 200 rep, or the reputation cap has increased beyond 200.
So, out of curiosity, did the reputation cap increase and I missed the memo, or is there nothing to see here?
It looks like some of your rep came from accepted answers. Accepted answers and bounties don't affect the rep cap; the rep cap is only a cap on how much rep you can get from votes. None of my answers were accepted, so all of my rep came from votes; thus, I got exactly 200 rep and the badge. You probably had less than 200 rep from votes alone.
It hasn't been changed, I got Mortarboard day 1 here. The badge showed up pretty quickly after I earned it.
