Also, so as to avoid needless arguments - I'm making a moral argument, not necessarily a legal one. I'm aware of the idea floating around that students couldn't possibly sue because they couldn't prove causation. To that I'd point to the Monsanto Round Up cases. They have lost one lawsuit to the tune of 289 million dollars under the theory that Roundup causes cancer, and settled others to the time of 10 billion. This is despite the fact that whether roundup actually causes cancer is incredibly unclear.
Anyway, my point is that the colleges probably should be liable if they pursue football despite knowing there could be severe consequences for the players. Say it's just one player - why should he bare all the costs and the colleges get the benefit?