If a school wanted to transport basketball players to class in limousines and allowed them to skip all papers in classes, this wouldn't be a problem?
Why burn an entire year just to play for 2 months? Unless he's so NBA hungry ($$$) that he doesn't care.
I don't think it is the deadline itself that would give the NCAA heartburn, but the preferential treatment above and beyond what a typical student at the university could expect. If the university regularly waived the deadline for non-athletes, maybe they would have a case.