Corrupt is an interesting word. It doesn't include ethics as a wrong, Although it can. There is a major internal corruption that includes ethics but it is so corrupt that everyone involved sees it as a norm. As long as they win football games no won blows the whistle. Whatever they do to recruit is fair game. No one gives a crap about educaation and if you don't make it to the NFL you can make it to the state Pen, Not Penn State :)
Much has been said of the hugely profitable business that has grown up around college athletics, and the SEC is easily among the most lucrative NCAA divisions. To think that so much money could be flowing without true compensation for the players and without some form of corruption is absolutely naive. There are surely some shady dealings going on, but the public simply isn't privy to them.
The SEC has been called out on its questionable practices with good reason. They have been engaging in shady business that is not acceptable. People need to be aware of this problem and a solution must be found. At the present moment, the SEC is being allowed to continue unchecked, but hopefully this will not go on much longer.
I think most of our bigger entities are corrupt and that doesn't stop at the SEC. The American public is brainwashed and apathetic to the problems in this country. It is a shame to see everything in such a mess but corrpution is pretty typical when the populace doesn't seem to care.
Financial regulation is always vulnerable to bribes and corruption. However, even in the best case when regulators are honest people, the complexity of the modern stock market and new financial instruments is too high. Unfortunately, the people qualified to assess and regulate this market are overwhelmingly those who have spent most of their careers working in the private financial sector. This revolving door between the regulated and the regulators is why the SEC is corrupt.