Many books have been written on the evils of commercialism in college sport, and the hypocrisy of payments to athletes from alumni and other sources outside the university. Almost no attention, however, has been given to the way that the National Collegiate Athletic Association has embraced professionalism through its athletic scholarship policy. Because of this gap in the historical record, the NCAA is often cast as an embattled defender of amateurism, rather than as the architect of a nationwide money-laundering scheme.

Sack and Staurowsky show that the NCAA formally...