How about something the grad and dad can use?
When my little bro graduated from college I made him a lei full of his favorite thing in the world: cash.
Here are some other fabulous grad and dad gift ideas:
A camera for the artistic type.
A vacation since this will likely be the last time the new grad has time to travel and everyone knows dad doesn't take the time to vaca.
The Moustache Grower's Guide. Don't fear, this would be a perfectly acceptable gift for a fun female grad too.
Anthony Bourdain's book also looks like hours of delightful entertainment.
What gifts do you plan to buy this year?