Who believes in the myth of big-time college sports anymore? The polite fantasy of the student-athlete playing gratefully for pride and tuition has been stripped away by an overwhelming financial reality that became too big and rich to ignore. The hypocrisies can be seen from outer space, and public opinion—not to mention the courts—are catching up.

Still, college sports remain mostly disinterested in pulling back the curtain. The show remains the thing, and most of us remain intrigued by the show, even if it requires a certain,...