Because the bachelor's degree wage premium is real and growing wider over time, mostly due to falling wages of those who lack a bachelor's degree.
I don't like it, but that's the reality of the job market.
If a player has no interest in college, he can play straight out of high school in the NBA D-League or Europe for a year and get paid right away (I would recommend Europe: higher wage and a solid living if the NBA doesn't come calling). Calipari makes a mockery of the mission of the institution he represents. But that's the priority of the state of Kentucky.
LOL at basketball majors. They would probably carry weight in Kentucky.