Well this is directly quoted from my law book.
Requirements of a Valid Contract
"The Following list briefly describes the four requirements that must be met for a valid contract to exist. If any of these elements is lacking, no contract will have been formed.
1. Agreement- An agreement to form a contract includes and offer and acceptance. One party must offer to enter into a legal agreement, and another party must accept the terms of the offer.
2. Consideration- Any promises made by parties must be supported by legally sufficient and bargained-for consideration.
3. Contractual capacity- Both parties entering into the contract must have the contractual capacity to do so; the law must recognize them as possessing characteristics that qualify them as competent parties.
4. Legality- The contract's purpose must accomplish some goal that is legal and not against public policy."
And another section
The Effects of Illegality
"In general, an illegal contract is void: the contract is deemed never to have existed, and the courts will not aid either party. In most illegal contracts, both parties are considered to be equally at fault- in pari delicto. "
Im not a law major and i don't know if this is relevant or not but seems like it could apply. Any law students or professionals care to clarify if i'm interpreting these correctly by saying that because the NCAA decision would be illegal the contract is voided?