First of all, the academics of the school is priority number one. These young kids need to keep in mind that they are Student Athletes. The word student comes before the word athlete, and so should be the emphasis when choosing the right college. Make sure that the college you are choosing has the major and can provide the right subject matter that you are interested in getting a degree in. If you choose a school that has a under achieving Business school, then that may not be the school for you.
If the letter of intent is accepted, then the due diligence period will begin. It will continue until the time agreed upon by both parties in which, at the end of the term, a binding contract is constructed. Terms may change during this time if certain aspects of a property, previously not disclosed, are discovered.