LawVol13
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I'm sure the 'AA will get right on adding an amendment to the LOI, so you can get out of it that states, "If you are lied to during the process of your recruitment, even after you sign your LOI, you can ask for and receive your release for the school you signed with.". Every college basketball coach in America would be laughing at that, even the football coaches would be as well.
Since you are harping on this being a contract so much, you should probably consider that a material misrepresentation that is relied upon by one of the parties can invalidate a contract. I'd say lying about who the coach will be probably constitutes a material misrepresentation. Just a hunch though.