The abuses and scandals in intercollegiate athletics programs have promoted the American Association of University Professors to revisit issues related to college athletics and to offer this report. Although it is addressed primarily to faculty, the report seeks to give guidance to all campus constituents on the principles that should inform sound institutional policy governing intercollegiate athletics. The report also recommends practices that can strengthen the role of the faculty in institutional governance, provide an agenda for faculty action, and improve the educational climate for college athletes and the entire university community. Recommendations are grouped into: (1) faculty governance and athletics; (2) admissions and financial aid; (3) academic standards and support services; and (4) finances. Enactment and enforcement of the reforms needed to establish a proper balance between sports and education will require members of the faculty to invest time and energy in this effort. (Contains 14 endnotes.) (SLD)