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> Would you say that professional athletes who are now fabulously wealthy are dumb because it's "dumb" to pursue a career where most people fail?

Yes, anyone who compromises their future on the slim chance of winning the lottery is reasonably considered "dumb".

For the most part, athletes don't have to compromise their future, though. Professional sport networks tend to be good to make sure participants have reasonable backup plans and once someone is identified as having likelihood of making "the big leagues" will be supported financially to a smaller degree while they see if they can make the transition. There is an opportunity cost on those who don't make it, to be sure, but not being as well off as you had hoped you'd be isn't the same as crumbling under crushing debt for the rest of your life.

Maybe it is not perfect in every circumstance, but generally there is an effort to protect athlete hopefuls from running their lives exactly to protect those who are "dumb". Colleges, on the other hand, couldn't care less – "Just give me the money!"