The question of whether college athletes are exploited is regularly debated in the popular press and academic literature about college sports. The concept of exploitation, with its philosophical and psychological implications, however, is rarely discussed in detail. This paper problematizes and expands the way in which the concept has been presented within the context of college sports, arguing that exploitation is primarily a moral construct understood as an unfair exchange between two parties. For college athletes, an unfair financial exchange can be measured by comparing the surplus value and marginal revenue product. These calculations may evidence the degree of economic exploitation, but many people still believe college athletes are fairly compensated with a subsistence wage in the form of an athletic scholarship. It is more difficult to quantify the promise or value of an education above and beyond this subsistence wage, most often defined as a college degree. The over-representation of Black college athletes on revenue-producing teams, and the corresponding lower graduation rates of this population when compared to other students, highlight the racial and cultural divisions of opportunity. Institutions face a crisis of conscience when educational opportunities are offered to certain students based primarily on their athletic ability, especially when these opportunities are perceived as disingenuous due to the academic preparation and demanding athletic commitments of these recruited college athletes.