"It seems to me that if the player is keeping his word, the college ought to, too."
According to an article in the Lexington Herald-Leader, Louisville pulled a scholarship offer to a player in November of his senior year, three months after he had accepted the offer.
I realize that schools give conditional offers, and that there is a delicate balance between having enough scholarships available to get the guys you really want and getting enough kids in to fill your needs. I know that many high school students jump ship at the last minute, and that schools are often left in the lurch.
But the kid who got his offer pulled has a point: someone has to keep their word, and I would tend to err on the side of the billion-dollar business being on the hook, rather than the 17-year-old kid.