At the out of state college graduation, only nuclear family (mom, dad, siblings) attended. We went out to a nice dinner after his individual college graduation (the boys were all different days/times), and on Sat afternoon all the parents of the roommates of the house they'd lived information 2 years hosted a party at a local dive bar the boys frequented (we bought out the bar from 1-4). We brought in food, and all families split the bar and food tab. Other friends who were also graduating stopped in as well.
The big graduation was the next day, and we all did pictures together in key locations on campus, and then headed to the ceremony.
Backyard BBQ for family (grandparents, aunts uncles and a couple of HS cousins), later and in addition to traditional desserts we had the ice cream man stop buy and we bought ice cream for everyone (our son had been buying ice cream from that man since he could walk).