Joel Klatt explains the economics of college basketball recruiting

Joel Klatt joins Colin Cowherd to talk college basketball amid the FBI's probe of fraud in recruiting.

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JOEL KLATT: This entire conversation, situation, indictment, marketplace, if you will, is created by the guise of amateurism. If amateurism did not exist as we know it today in college sports, there would not be room for the shady black market that now exists. OK, here's what happens, folks.

The families and players are uniquely aware of their market value. They're also uniquely aware that they happen to derive that value based on one of two skills that you can not monetize or capitalize until someone else has monetized it off of your back for at least a year or three in the sport of football. Football and basketball are the only two skills in our country that you can not monetize when you're 18 years old. It's un-American.

So the guise of amateurism creates the black market. If I'm a family, and if I'm one of these players, and I need to derive my market value. And I need to capitalize on that for the well-being of myself, or my family, guess what? I don't care where it comes from. So Adidas can pay me and that agent can pay me. I don't really care.

I'll go to Louisville. I'm going to ball out for one year. And, now, I'm going to go get mine. I don't blame the players at all.

COLIN COWHERD: Oh, I never--


COLIN COWHERD: --blame the players for this stuff.

JOEL KLATT: No, no, no, I'm not saying that you are. I'm just saying this entire thing is born out of amateurism.

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