NCAA approves basketball rules changes: agents allowed, undrafted players can return

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The NCAA announced several new policies and rules today, including that players will now be allowed to return to school if they declare for the National Basketball Association draft but are not selected.

According to ESPN, another significant change that was adopted by the NCAA's Board of Governors and Division I Board of Directors is allowing "elite" high school basketball recruits and players to be represented by agents who are certified by the NCAA while still playing. While that may seem like a big deal on its face, the fact that it's.

On Wednesday, the NCAA made its long-promised, much-ballyhooed foray into reducing corruption within its college basketball ranks.

The NCAA and its member schools are part of the broader higher education community, and today's actions renew our commitment to our core goal - preparing students for a lifetime of opportunity.

Division I schools are now also bound to pay for tuition, fees and books for those players who left school and later returned to earn their degree, provided the player was on scholarship, fewer than 10 years have passed since leaving school and the player had been enrolled in the school for at least two years.

This new rule aims to help highly touted high school players "make informed decisions about going pro". However, athletes can only officially visit a school once per year.

If coaches and staff are making any money off an outside company - like an "apparel company" - they will have to report that to their schools, too.

University presidents and chancellors will be held "personally accountable" for any rule-breaking by their athletic departments.

In addition, there have also been changes to the current recruiting rules.

Rice said the vast majority of schools play by the rules but a "win at all cost" approach by others who have been inadequately punished must be changed.