Four years of college doesn't just give you an academic education. Just like Bruce said, you learn to live life on a budget, be self-sufficient, and time management is a must.
Many great athletes, though, don't really have what it takes to be in college. Going for one year is a farce, because if you know you'll only be there for one year, there's no incentive to actually study or learn anything. There should be a true minor league for basketball and football, so that the universities can concentrate on education and have true student-athletes instead of these mercenaries for hire.