Confusion and disagreement over the distinction between paying student-athletes to play and providing them with financial aid for their education has made intercollegiate sports the object of antitrust litigation as well as public controversy. The conventional wisdom is to model the National Collegiate Athletic Association (“NCAA”) as a monopsonistic cartel. We show this to be inconsistent with the economics of cartels. The economic logic of the NCAA’s amateurism rules is better understoo
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