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.
We find exactly the opposite to be true. If you were to go to an unknown area, would you want a map of the area? Well that is exactly what the LOI is: a map of the major deal points. In today's busy world it is important to be sure two parties are going down the same road and in the same direction before spending too much time working out all the details of a transaction.