Its not really an argument though. I want to stress that I really have no moral problems with this. I certainly don't trust ku not to abuse this somehow - if there is a loophole out there they will abuse it! - But it is a very nice gesture.
But if you want to really use that type of argument, without the students at ku, there would be no athletics department in the first place. After all, it is a university first and foremost. I also don't know the fees, but I bet that over the 4 years you go there (or a normal student) they pay about $40k. That is a total guess though and you know that figure better than I do.
No question the basketball team brings in millions to the athletic department. Basketball players bring in basically no money for the school directly (possibly pays for books) because of their scholarships. That replica jersey might be his number for now, but 4 years ago it was another students jersey since they can't put names on them (I don't actually know his number - just making a point). ku games were sold out long before he got there and once he is gone they will keep being sold out so he in essence is just another cog in the machine.
Basically you are saying that because he is rich (basketball player) he should not be subject to the same laws as everyone else (normal students). He is somehow above the law and ku should treat him differently. I have a problem with that when it comes to applying laws and rules or handing out free money - everyone should have to abide by the same rules. (I know, surprise coming from a moderator.

) Athletes have additional rules to abide by from the NCAA as opposed to normal students and their reward for that is free education, gets some fame by being on TV, and a path to a professional career. Basically, normal students don't have those additional rules, but with that no one would be clamoring to pay for Joe Schmoe's little sisters funeral.
I still hate the NCAA though.
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61% of all hits on the internet are on sex sites..
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So.. what are you doing here?