It had not really dawned on me until today, when some of my co-workers were reliving their High School days, but the terms aren't literally equivalent.
Or, to quote C. Jay, "The first time I ever heard a guy say, 'We hauled him to the far side of the practice field and pantsed 'im!' I thought, What, your buddies lifted him up and and you pulled a pair of clown pants on him? Maybe the floppy shoes, too? Yeah, lets see the guy walk back into the building in that!"
I had the giggles off and on for the next hour. Pantsed!?