The Yahoo Sports report cited Whitehead as one of several players listed as having received payment from an agent while in college.

Jerry Carino | Asbury Park Press

Jerry Carino

Federal documents indicate former Seton Hall basketball star Isaiah Whitehead was among more than 25 players who received payment from an NBA agent while in college, according to a Yahoo Sports report Friday morning.

Vincent Carchietta, Vincent Carchietta-USA TODAY Spo

The bank records, belonging to former NBA agent Andy Miller and his agency ASM Sports — with whom Whitehead initially signed after turning pro — are being reviewed by the FBI as part of its sweeping investigation of recruiting corruption.

According to Yahoo Sports, an ASM balance sheet titled “Loan to Players” listed Whitehead as receiving $26,136 during his freshman year at Seton Hall in 2014-15. Another document listed Whitehead as receiving $37,657 and mentioned that he was “setting up payment plan.”

Julio Cortez, AP

Also listed in the documents is a $9,500 loan from the agency to former Seton Hall assistant Tiny Morton. Morton, who coached Whitehead at Lincoln High School in Brooklyn, joined Seton Hall's program with Whitehead for his freshman season of 2014-15 before returning to the high school ranks.

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As noted by Yahoo Sports, agent payments to college players would violate the NCAA’s amateurism rules and could result in retroactive penalties — and potentially future penalties as well.

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"We are aware of the Yahoo! Sports report," Seton Hall's athletic department said in a statement. "We have taken steps proactively to reach out to the NCAA and the Big East Conference, and while we have not been contacted by investigators, we will be conducting our own internal review."

Whitehead, a McDonald's All-American who is the highest-profile recruit during head coach Kevin Willard's eight-year tenure, led Seton Hall to the 2016 Big East Tournament title and was named the event’s Most Outstanding Player (see video of him cutting down the net atop this story). The Pirates won 25 games and lost in first round of that year’s NCAA Tournament, after which Whitehead opted to forego his final two years of eligibility and enter the NBA Draft. He was chosen by the Brooklyn Nets in the second round and remains with the franchise.

Frank Franklin II, AP

What is the potential fallout for Seton Hall, if Whitehead is retroactively ruled ineligible by the NCAA?

The Pirates could be forced to forfeit wins from his two seasons in South Orange and their 2016 NCAA Tournament appearance. Earlier this week, the NCAA vacated Louisville's wins and NCAA Tournament crown from 2012-2013 because some players were retroactively deemed ineligible.

It's unclear whether Seton Hall's 2016 Big East Tournament title could be vacated. Technically, that comes under the conference's jurisdiction and, as of now, Louisville's 2013 Big East Tournament title remains in the league's official ledger.

A Whitehead retroactive ineligibility would not seem to impact last year's NCAA Tournament appearance or this year's team, which holds a record of 19-9 and is on pace to garner a third consecutive NCAA Tournament bid. The Pirates visit St. John's Saturday (noon, Fox) at Madison Square Garden. A win would seal their spot in the field of 68.

Future penalties could be levied against programs whose players are proven to have received the improper benefits listed in documents. They include potential recruiting limitations, a reduction of scholarships and, in the most severe scenario, a future postseason ban. It should be noted that it is impossible to predict how the NCAA will approach this. The organization's enforcement arm is notorious for uneven and often very slow decision-making.

In terms of intangible ramifications, coaches whose programs are cited in the FBI documents could be perceived as less desirable for future job possibilities — even though the documents make it clear that the rule-breaking payments came from agents and not the universities.

As for the present, the issue will hang over next month's NCAA Tournament because the Yahoo Sports report included some current college basketball players, including Michigan State star Miles Bridges. The Spartans are ranked second in the latest Associated Press Top 25 poll. Duke and Kentucky also have current players whose names appeared in the report.

The NCAA issued the following statement on the matter, attributed to President Mark Emmert:

“These allegations, if true, point to systematic failures that must be fixed and fixed now if we want college sports in America. Simply put, people who engage in this kind of behavior have no place in college sports. They are an affront to all those who play by the rules. Following the Southern District of New York's indictments last year, the NCAA Board of Governors and I formed the independent Commission on College Basketball, chaired by Condoleezza Rice, to provide recommendations on how to clean up the sport. With these latest allegations, it's clear this work is more important now than ever. The Board and I are completely committed to making transformational changes to the game and ensuring all involved in college basketball do so with integrity. We also will continue to cooperate with the efforts of federal prosecutors to identify and punish the unscrupulous parties seeking to exploit the system through criminal acts.”