Hell I dont even care about graduation rate, they can come back to school and graduate. A number of schools take their ex-athletes back because they know how arduous school, and a commitment to a sport in college, can be.

I know a kid who plays for BYU (Trent Plaisted), I had him in High School. I asked him how classes were going and he said it was fine because they got tutors and could take class lectures along and listen to them on the road. They actually go to classes when at school, and study when traveling. Said he is learning a heck of a lot more because he is taken care of very well; if he does not understand something, he can get personal attention. Opposite story. I have an ex student who is playing NCAA division I Womens basketball (she remain nameless). I saw her this summer and asked her what her major is now. She answered basketball. Heck I make more money than WNBA players and she is majoring in... Its happening on the women's side also. And there clearly is no future for women in any team sport. Unless you are Lisa Leslie.
The more pertinent question(s):
Do they even attempt to take classes? Do they even go to classes? That is how bad it is at some schools. They take poor kids and use them. The kids are also at fault because they are into the mindset they will end up in the NBA or go to Europe. And they cant even clean their underwear.

There are clearly schools that allow kids to become students. Notre Dame, Penn St. and Duke make an effort to do this. As much as I hate the guy, Bobby Knight does a relatively good job at getting kids to class. Texas has an extensive program for ex-athletes... A little trust gets built that way and your alumni actually help the program become better.